Africa-Press – Tanzania. THE government quest to continue creating a good investment climate aims at fostering productive private investment which is the engine for growth and poverty reduction.
Last Sunday, Prime Minister Kassim Majaliwa stressed that the government will continue to improve and establish new major infrastructures to further attract investments and steer economic growth.
PM made the remarks during his visits at Nguru Hills Ranch Limited to check the development of the abattoir project in Mvomero District, Morogoro Region.
According to the Premier, more emphasis put by the government on the improvement of infrastructure is a key factor in the facilitation of investment.
So far, the government has invested heavily in various infrastructure projects including roads, energy, railway, purchase of new planes and building several structures to strengthen investment.
The government efforts to create enabling investment climate by establishing new infrastructures, removing red tapes and improving the regulatory environments have started to yield positive results due to increased investment flow.
For example in just three months from April to June this year, the number of new projects registered was 84, which is equivalent to a 68 per cent increase compared to the 50 recorded in a similar period last year.
According to the Tanzania Investment Centre (TIC), the increase in the number of projects registered and other achievements realised in 2020/21 are a result of the government move to address various investment challenges. In 2020/21, a total of 235 projects were registered which are expected to bring about a total investment of 3.3 billion US dollars and create 36, 849 new employments.
In the industrial sector, for example, the country has registered outstanding performance witnessed by the increased number of new industries built as a result of the emphasis put by the government on creating enabling environment.
Through this initiative where more industries have been built in a short period has helped to secure markets for the raw materials in areas including agriculture, minerals and fisheries.
With the rising populations, economic growth is the only sustainable mechanism for increasing a society’s standard of living because it is associated not just with higher incomes, but with better indicators of human development, such as lower infant mortality, broader education, and longer life expectancy.
Therefore, the improvement of investment climate including infrastructure development provides opportunities and incentives for firms to invest productively, create jobs, and expand which are key to sustainable progress in attacking poverty and improving living standards.
