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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 Sets Plan for Exports Drive

Wednesday, June 11, 2014 > 09:18:48
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(East African Business Week)


Dar es Salaam — The government has decided to focus on identifying markets for her goods and services and new sources of investment in the global economy and region to enable the private sector to contribute to successful implementation of the development projects.


Speaking soon after taking the oath as new Deputy Executive Secretary, President's Office, Planning Commission, responsible for International Trade and Economic relations Paul Sangawe said the move is aimed at enabling the country to go for international markets opportunities including the African Growth and Opportunity Act ( AGOA) and the European Union.


"The priority will be to use limited resources to stimulate private sector investment as well as to continue to improve business and investment environment to attract investment in priority areas with the greatest impact," Sangawe said.


Already the government has prepared the Five-Year development plan with the major objective of having an effective system to implement Vision 2025. The vision aims at making Tanzania a middle-income country by 2025.


According to the National Development Plan in 2012/13 the value of exports of goods and services was $6.80 billion in 2011, compared to $5.81 billion in 2010 representing an increase of 17.1%. "So our strategy is to widen this scope," Sangawe said.


Accordingly Tanzania's value of capital goods imported between 2010 and 2011 increased to $3.56 billion in 2011 from $2.72 billion in 2010, accounting for 31.1% increase in value mainly due to an increase in imports of industrial machineries.


Sangawe said the value of importing intermediate goods increased to a tune of $4.14 billion in 2011 from $2.74 billion in 2010 an addition of 51%.


"Bulk procurement of petroleum was due to poor generation of hydropower which caused many plants to be operating using electricity generated by fuel," Sangawe said.


Further, the value of imported oil in 2011 was $3.23 billion compared to $2.02 billion in 2010.


"Imports of consumer goods increased to $2.13 billion from $1.71 billion in 2010, an increase of 24.5%," he noted.


He said the government has set a clear strategy to identify priority opportunities which would enable the country advance regionally and internationally to manage and monitor the implementation of development projects as indicated in First Year Development Plan of the Five Years Development Plan ( FYDP I) being administered by the Office of the President , Planning Commission .


Sangawe said that the purpose of government is to increase sales of products and services with the benefit and assistance from friendly countries and international organizations.


Tanzania has vast gas deposits off its coast which are attracting wide interest from foreigners.


The International Monetary Fund's (IMF) Regional Economic Outlook for Sub Saharan Africa, released last April, said economic activity in the region continued to be underpinned by large investments in infrastructure, mining and maturing investments.

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