VISION 2050: Private sector outlines priorities
DAR ES SALAAM: THE private sector is mobilising investment, expanding public-private partnerships and advocating business reforms as Tanzania implements DIRA 2050 (Development Vision 2050), which began on July 1 this year.
Under the vision, the private sector is expected to contribute about 70 per cent of the economy, while the public sector will account for the remaining 30 per cent, placing businesses at the centre of the country’s long-term economic transformation.
In line with this goal, the Tanzania Private Sector Federation (TPSF) has outlined priorities aimed at strengthening the role of businesses as drivers of investment, productivity, innovation and job creation.
TPSF Manager for Research, Policy and Advocacy, Mr Mercy Ngollo, told the Daily News recently that the federation will focus on mobilising investment, strengthening collaboration between the government and private sector, promoting responsible business practices and advocating reforms to create a more predictable and investor-friendly environment.
“One of our key priorities is to mobilise investment, strengthen public-private collaboration, promote responsible business practices and advocate reforms that create a competitive and predictable environment for businesses to thrive,” he said.
He noted that TPSF’s priorities are aligned with DIRA 2050, which recognises the private sector as a major partner in driving economic growth through industrialisation, innovation and employment creation.
One of the immediate priorities is supporting implementation of the Fourth Five-Year Development Plan (FYDP -IV), under which, the private sector is expected to finance nearly 70 per cent of development investment, equivalent to about 334tri/- during the first five years.
Mr Ngollo said achieving the goals of DIRA 2050 will require significant investment, making Foreign Direct Investment (FDI) and Public-Private Partnerships (PPPs) important financing options for infrastructure and productive sectors.
“Delivering the ambitions of DIRA 2050 requires substantial investment, and that is why we will continue promoting Foreign Direct Investment and Public-Private Partnerships as key mechanisms for financing strategic projects,” he said.
To support this effort, TPSF recently signed a Memorandum of Understanding (MoU) with the Public Private Partnership Centre (PPPC) to improve investor awareness, strengthen project preparation and increase opportunities for private sector participation in development projects.
The partnership is expected to help connect investors with viable projects and support the mobilisation of private capital for strategic development initiatives.
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Beyond financing, TPSF will work with businesses and other stakeholders to increase investment across the nine priority sectors identified under DIRA 2050.
The focus will include expanding production, promoting value addition, strengthening exports and creating quality jobs, particularly for young people.
Improving the business environment will also remain a key focus, with TPSF continuing to engage the government on fiscal and regulatory reforms.
These include advocating predictable policies, efficient tax administration and simplified licensing procedures to reduce the cost of doing business and make the country more attractive to investors.
“Policy certainty is essential for strengthening investor confidence and encouraging long-term investment,” Mr Ngollo said.
He added that the federation is also promoting responsible business practices, encouraging companies to improve corporate governance, operate transparently and consider environmental and social responsibilities in their operations.
Research and policy analysis will continue to guide TPSF’s engagement with the government and other stakeholders, particularly in identifying challenges facing businesses and supporting measures that can strengthen the competitiveness and growth of the private sector.
The federation’s priorities come as Tanzania moves into the implementation phase of DIRA 2050, which sets out the country’s long-term development ambitions and gives businesses a greater role in driving investment, production and employment.
Through increased investment, stronger public-private collaboration, policy engagement and responsible business practices, TPSF seeks to ensure that the private sector contributes meaningfully to the implementation of the Vision and the country’s wider economic transformation agenda.
“Through these efforts, the private sector is positioning itself to contribute significantly to Tanzania’s economic transformation under Vision 2050,” Mr Ngollo said.
