Tanzania promotes its investment areas under its Vision 2050 at London forum

LONDON: PRIME Minister Mwigulu Nchemba has led a strategic investment and capital markets forum in London, where he outlined investment opportunities available in Tanzania under the country’s Development Vision 2050.

Addressing investors at the international financial institution Citi’s offices at Stirling Square in London, Dr Mwigulu said the government had made significant efforts to reduce the cost of doing business by creating a more conducive investment environment.

“We have done a lot through our own investments, including developing reliable transport infrastructure to ensure that many areas of the country are accessible when investors come to invest their capital,” he said.

On the development of the Standard Gauge Railway (SGR), the Prime Minister outlined the government’s progress in extending the railway to Dodoma, the country’s capital.

“So far, we have completed two lots, and we expect to connect Dar es Salaam and Mwanza within the next two to three years,” he said.

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Dr Mwigulu, who is in the United Kingdom for a five-day working visit, also informed participants that the government had begun rehabilitating the Tanzania-Zambia Railway Authority (TAZARA) railway to improve connectivity and open up the country’s southern corridor to economic opportunities.

Highlighting the availability of reliable energy as a key driver of investment, the Prime Minister said Tanzania had sufficient electricity to support industrial operations if more factories were established.

“As of this year, we have reached an installed capacity of more than 4,600 megawatts, with hydropower accounting for 59 per cent of electricity generation, natural gas 28 per cent, oil-based energy 5.8 per cent and biomass 2.9 per cent,” he said.

Earlier, Finance Minister Ambassador Khamis Mussa Omar said Tanzania’s economy had continued to grow at between 5.4 and 5.9 per cent, with growth projected to reach 6.3 per cent this year.

He told the investors that the government planned to implement various development projects using 74.2 percent of the current financial year’s budget of 62.3tri/-.

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