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Each day TFO Canada publishes a sample of trade news on the Canadian import market along with any new, updated or changed regulations and legislations regarding international trade; countries in which TFO Canada offers services and on the export sectors which it promotes.

 

Tanzania: Country Grappling With Job Creation Strategies

Friday, March 04, 2016 > 10:46:15
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(All Africa)

Tanzania is poised to build an economy rooted on strong industrial base to contribute immensely to job creation as the country is transiting towards middle income by 2025.

This was said in Dar es Salaam by the Permanent Secretary (Trade and Investment) in the Ministry of Industry, Trade and Investment Prof Adolph Mkenda during the Southern Africa Development Community (SADC) investment promotion agencies forum.

"We looked at issues apart from tax exemptions that may attract investors, like reducing the cost of doing business by putting reliable infrastructure, stable tax structure, boosting domestic investment particularly through use of local natural resources.

He said putting conducive investment climate to attract foreign investors was a priority but developing the systems and structures geared at empowering local investors to participate effectively in building the national economy is of paramount importance.

He said the history of SADC focused sorely on liberating southern African countries from political ties, the task already concluded to pave way for the strategising on removing the economic ties.

"Tanzania and the rest of the SADC countries should focus on building strong economy," he said. "We should now focus on building industrial economy using sophisticated technology that aims at accruing more export revenues from selling value added goods instead of raw materials," he said.

Increased investment in industrialisation will definitely create more sustainable jobs, contributing greatly in income generation. On her part, the Tanzania Investment Centre (TIC) Executive Director Ms Juliet Kairuki said the forum was a big lesson to attaining industrialisation drive.

It contributed to increasing knowledge and shared experiences of investment climate development in the SADC Region. In his maiden speech to inaugurate the 11th parliament, President John Magufuli expressed his determination to industrialise the country using the locally available raw materials particularly from agriculture, fishing and livestock.

He said priorities will be given to labour intensive industries making use of locally available materials to produce products that are massively consumed in the country and surplus to be exported for foreign exchange earnings.

President Magufuli said further that his government targets to boost industrial contributions to the Gross Domestic Product (GDP) to about 40 per cent in the year 2020 from an average of 10 per cent currently.


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