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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 wants more industrial growth

Wednesday, June 15, 2016 > 10:24:58
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(Business Week)

The Government of Tanzania has confirmed that it will continue to pursue its quest to attain industrial development pursuing this quest in the context of Tanzania Development Vision 2025. 

This will be done through the putting up of an internationally competitive business environment to make the country an industrial and logistics hub for the Eastern and Central African region.

“The Government of Tanzania is committed to working with the private sector, current and new investors, to grow the country together and welcomed more European investors to Tanzania,” Elli Pallangyo, Assistant Director in the Ministry of Trade, Industry and Investments said.  

Over 60 private sector CEOs, colleagues from diplomatic missions and representatives of the Government of Tanzania Ministry of Trade, Industry and Investment and the Tanzania National Business Council attended the workshop.

Raymond Mbilinyi, Executive Secretary of the Tanzania National Business Council reaffirmed the fifth phase Government commitment under the leadership of H.E. Dr. John Magufuli towards private sector development through improving the business and investment environment. 

“Also the Executive Secretary elaborated country’s plan for industrialization in the next five years and encourage the private sector play an active role on industrial development for national economic growth,” Mbilinyi said.

Ms. Rose Blackie, EUBG Executive Director gave thanks to the invaluable support from the Tanzanian National Business Council, and to the members of the EUBG who have committed to working with TNBC in identifying areas for change which are needed to support more incoming investors and for existing ones to expand and grow. 

The event marked an important step towards an active working relationship and dialogue between the European Union (EU), private sector and the Government of Tanzania, demonstrating the commitment from both parties to work together to create a stronger economy.

The United Republic of Tanzania and the European Union (EU) have a long standing trade and investment relationship. The EU is Tanzania’s first export destination and the country’s third trading partner. More than 16% of Tanzania’s exports to the world are directed to EU’s 28 Member States. 

Total trade between the EU and Tanzania amounted to €1,457 million in 2013 with an absolute value of exports to the EU of €525million. As for investments, the EU remains a strong partner for Tanzania as well. Nevertheless, Tanzania has substantial room for improvement when it comes to its business environment. 

The paramount objective of becoming a Middle Income Country by 2025 has led the Government of Tanzania to devote priority to recent discoveries in the gas sector, also scale up investments in the transport infrastructure and energy in order to improve country’s competitiveness and openness to international trade, and look to agriculture to create jobs.

It is against this background that the idea of creating an EU business group emerged to discuss investment and trade matters affecting EU firms based in Tanzania; and to impact ultimately on the improvement of the business environment of Tanzania.


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