Africa-Press – Tanzania. Stakeholders in the forest sector have underscored the need for lifting the potentials in the forestry by empowering small and large scale stakeholders and attracting investors.
The remarks were made during the stakeholders’ discussion on economic potential and possible synergies with the housing and banking sector at the “Iringa Forestry Investment Forum” (IFIF), which took place recently.
Participants discussed the opportunities and challenges to raise the sector’s contribution to the GDP from 3.5 per cent today to 8 per cent.
The forum was set by the Iringa Regional Commissioner, Queen Sendiga, in collaboration with the Forest Development Trust (FDT) and stakeholders like Green Resources as one of the largest timber producers in Tanzania.
Speaking on a panel at the Forum, the CEO of CPS Zanzibar Limited Mr Sebastian Dietzold focused on the opportunities in the forestry sector and how engineered wood products like cross laminated timber (CLT) can become a significant contributor to the GDP of Tanzania.
Based on data collected and estimated by CPS from the current demand in Housing, the Forestry industry can contribute additional estimated revenue of 18.4tri/-per annum to the Tanzanian GDP.
At the same time, engineered wood products, essential for modern and sustainable construction technology, can stimulate another 5tri/- annually.
Other sources of revenue from the new circular economy in the forestry sector include but are not limited to creating various employment opportunities for Tanzanians, generating income from the sale of carbon credits and growing the banking sector expansion for mortgages through the availability of significant numbers of affordable homes.
Mr Sebastian sees the housing sector as a reliable demand marker for wood products, creating enormous forestry and processing opportunities.
This can be most beneficial by formalizing the forestry industry, setting up and reviewing commercial forestry standards and taxes, fire protection policies and regulations, and increasing sustainably managed forests.
Enabling the construction of sustainable and affordable houses by providing smooth processes and approvals on issuing title deeds and allowing foreign investment in residential units like apartments under The Unit Title Act. 2008 will act as drivers for this demand for wood products made in Tanzania.
CPS Zanzibar Limited is committed to delivering sustainable and empowering community development solutions for the growing middle-class in Tanzania and East Africa in general. CPS is known for the projects “Fumba Town” and “The Soul”, situated in Zanzibar.
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