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Thursday, February 13, 2020

TANZANIA TO DRAFT NEW INVESTMENT LAW TO ADDRESS MARKET CHALLENGES

By Our Correspondent, Dodoma TANZANIA

The government of Tanzania is drafting a new investment law that would address current challenges in the market and as well as manage competition in the world.
Minister of State in Prime Minister’s Office (investment), Angella Kairuki
The Minister of State in Prime Minister’s Office (investment), Angella Kairuki, made the revelation yesterday, adding that the new law will improve investment in the agricultural, livestock and fisheries sectors.
“I believe the new law which will be modern in nature will help investors in our country to rip benefits in the three key sectors,’’ she said.
The Minister was officially opening the 6th Annual Agricultural Policy Conference held at Treasury Square in Dodoma city.
The three-day conference brought together key players in the agricultural sector to deliberate on how the country could improve specific policies, which would boost food security, nutrition and job creation in the country.
According to the Chairman of the Policy Analysis Group, Audax Rukonge, some key development partners who are attending the conference include government officials, representatives from Research on Poverty Alleviation, World Bank, FAO and the UN Women.
The conference is sponsored by USAID, FAO, World Bank, TADB, UN Women, JICA, AGRA, ASPIRES, TAHA, Dalberg and FSDT.
The three-day meeting is held with the theme ‘Public and Private Sector Investment for Agricultural transformation in Tanzania: Tackling Agribusiness Drivers and Enablers in Crops, Livestock, Fisheries and Agro-processing.’
Speaking at the occasion, the chairman of the Parliamentary Committee on Agriculture, Livestock and Water, Mahmoud Mgimwa, said the theme came at the right time when the country was striving to attain a middle income economy.
Mgimwa challenged researchers to come up with correct and realistic findings that can help the legislature to advice the government in issues pertaining to investment in the agricultural sector.
The representative of development partners, Andrew Read, from USAID urged the partners to join hands with the government in the dream of attaining a middle income country by 2025.
He also insisted that nutrition should be highly emphasized so that the country attains a healthy population that would propel it towards attaining the industrialization goal.
On his part, the Permanent Secretary in the Ministry of Livestock and Fisheries, Elisante Ole Gabriel, said the conference was vital for the country to realize its dreams.
He disclosed that the country has about 32.5 million cows, goats (20 million), donkeys (5.5million), chicken (79.1million) and 2.8 billion kilogrammes of different species of fish in its water bodies.
The country has 16.6 million youths, where 13.2 million of them, equivalent to 81.4percent are agribusiness, implying that their contribution in the industrial economy, cannot be underestimated.
“My minister and I are more than willing to improve our policies in order to improve livestock and fisheries in the country,” said Ole Gabriel. 

Environment of doing business has been the major concern of the business community in Tanzania as well as foreign investors.  In May last year, the government and the British business community in the country launched a dialogue aimed at identifying and ironing out bottlenecks.

The dialogue focused at the regulatory and policy environment, along with challenges faced by British businesses investing in Tanzania. – Africa

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