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Tanzania: Tanzania At 60

by Mikael Harris
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Tanzania: Tanzania At 60

AS clock is ticking to December 9, the Independence Day, statistics indicate that the country has recorded big success in attracting foreign and domestic direct investments in the past six decades.

According to the Minister of State in the Prime Minister’s Office responsible for Investment, Mr Geoffrey Mwambe, the success was measured with three key criteria in the investment cycle, namely Gross Capit

Formation to GDP ratio, Foreign Direct Investment (FDI) inflows and Fixed Capital Formation. The minister said since the government started implementing the national policy on investment and Tanzania Investment Law in 1990’s, statistics indicate that the Gross Capital Formation to GDP ratio has grown from 14.7 per cent in 1997 to 39.7 per cent in 2019.

“The amount recorded is highest compared to average growth of between 21 and 22 per cent for African coand between 23 and 25 per cent for developing countries,” Mr Mwambe stated.

The FDI has therefore, been increasing from 0.73 billion US dollars in 1996 to 2.18 billion US dollars in 2013 and to 1.01 billion US dollars last year.

The minister was speaking with journalists on Wednesday in Dodoma, when highlighting progress attained in the country’s investment during the 60 years of independence.

He attributed the success to efforts put in place to create a conducive environment for investment as well as peace and tranquility the country enjoys since it attained independence in 9th December, 1961 under the founding father of the nation, the late Mwalimu Julius Nyerere independence the government was in charge of the major means of economy and it was a major investor in all sectors through public institutions and parastatals.

Moreover, he said, during 20 years after independence the government was focusing on increasing employment to widen the tax base for revenue collection, embracing technology and proper use of the human resources for national advancement.

From 1963, the government was implementing the Foreign Investment Protection Act until 1967 when it resolved to introduce the Arusha Declaration, which attracted low investment from the private sector, especially those from foreign countries.

In the 1990s, the government decided to focus on promoting investment from private sector players, something which saw major achievements recorded in terms of luring Domestic Direct Investment and Foreign Direct Investment.

In the past three decades, he said, the government has put in place a conducive environment for supporting the economic growth and economic empowerment of Tanzanians for them to tap investment opportunities.

As a result, through the National Investment Steering Committee (NISC) and the Tanzania Investment Centre (TIC) the government has registered 43 major strategic projects which will inject USD 12,278 million and create 130,720 jobs in agriculture, industries, construction, mining and real estate sectors.

To enable availability of capital and loans for citizens, the minister said the government has come up with 52 programmes that facilitate access to financial services.

He went on saying that another achievement was to empower entrepreneurs economically whereby a total of 4.97tri/- was loaned to 7,231,617 entrepreneurs out of which, 3,795,598 are women and 3,436,019 men and created more than 13,591,146 jobs.

He also used the platform to highlight the achievements attained in six months of President Samia Suluhu Hassan in office, noting that during the period the country has registered a number of projects worth 8.050tri/- to create 38,000 jobs.

Out of these projects, the TIC alone registered 164 projects worth 7.267tri/- which is an increase of 500 per cent compared to those recorded during the same period last year.

Source : AllAfrica

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