The industrialisation drive in Tanzania has foreign firms and investors aligning themselves with the government
Cuso International Chief Executive Officer (CEO) Glenn Mifflin has implored investors and entrepreneurs in Tanzania to align themselves to the country’s Vision 2025 and seize the available business opportunities to facilitate the nation’s dream.
During his short visit to Tanzania, the Canadian boss implored the business personnel to grab the chances by the horn and catapult the objectives of the Tanzanian government.
Active industries in the country can foster the development of the economy as they offer investment opportunities to investors. Tanzanian government continues to make strides in developing a conducive business environment for both local and foreign companies to thrive in their operations.
President John Magufuli is offering a chance to support the local sector as well as accommodate foreign businesses in the economy as the state forecast to be an industrialized economy by 2025. The Head of State has already made customary changes to establish a regulatory reform to improve the business climate for better performance.
Despite the country slipping in the 2019 Ease of Doing Business World Bank report, Glenn Mifflin seems adamant that Tanzania has investment opportunities to offer as it carries its industrialization drive. Tanzania dropped position from 137th to 144th in the latest publication factored by various procedural checks.
Rwanda and Kenya had better performances as they climbed the Ease of Doing Business ladder. Both have had their fair share of drawbacks but have held their forts to remain competitive in the East African Community (EAC) region, despite also facing stiff competition from Tanzania.
EAC member states are undertaking business strategies as they look to build their respective economies, a step that has attracted the inflows of foreign direct investments in the region. Currently, EAC has the most percentage of FDI in Africa, with the meteoric rise of Ethiopia set to increase the FDI inflow.
According to their website, Cuso International is a not-for-profit development organization that works to eradicate poverty and inequality through the efforts of highly skilled volunteers, collaborative partnerships and compassionate donors. The NGO partners with governments to impact the lives of citizens.
In 2016, Cuso International in partnership with Voluntary Service Overseas (VSO), an international development charity, launched a five-year innovative project. The Tanzania Local Enterprise Development (T-LED) aims to create jobs for Tanzanians by ensuring that small-medium enterprises (SMEs) capitalize on investments in the agriculture and extractive sectors.
The project should at least create 2,500 employment opportunities and increase the income of 1,300 supported SMEs and their employees. The unemployment rate in Tanzania decreased to 10.30 percent in 2014 from 10.70 percent in 2011, according to trading economics statistics.
The Canada – Tanzania trade relation is growing with the former’s investment in the East African country. Main investments fall under the mining sector where Canadian firms have found business opportunities.
Source: The Exchange