TO SUSTAIN FUTURE ECONOMIC GROWTH, LET’S CONTINUE TO ATTRACT MORE INVESTMENTS

As we slowly approach the final stretch of 2020, now is perhaps a good time to reflect upon the various moments and achievements of this year.

One success for Tanzania that certainly stands out this year was the announcement that the country has become a middle-income country, five years ahead of schedule.

While reaching this milestone can be attributed to years of investment from the public and private sector, there are also reasons to believe that it can also be linked to the fact that Tanzania is an increasingly attractive place to do business.

This year, for example, the IMF highlighted the various ways in which the Tanzanian economy has progressed in recent years, noting that this has been supported by prudent monetary and fiscal policies.

The IMF also highlighted that going forward, there were other ways in which Tanzania could sustain future growth. One example of this was through regulation in areas including taxation and business permits.

Other recommendations included enhancing the incentives for investing and producing in the country, while helping increase the skills of Tanzania’s labour force. This, it suggests, can be complemented by creating a business environment that continues to attract foreign talent through a flexible system of work permits for specialised workers from overseas who can bring skills and expertise to the relevant sector. The IMF noted that regular dialogue between stakeholders across the private and public sectors will be an important element in this.

Measures such as these will place Tanzania in a solid position for the years to come and help ensure that the country continues to attract investment and business opportunities both from well-established sectors – such as the telecoms industry – and new and developing sectors such as renewable energies.

Going forward, it will be important for all stakeholders to come together and carefully listen to each other’s needs to establish regulations and frameworks that work for all parties.

In doing so, we can hope that we lay the foundation for a business environment that helps businesses of all sizes for years to come.

Reflecting on this year, it is comforting that we have made some considerable achievements. Let's keep hopes high for future success too.

George Kidawa,

UDBS.