Strategic establishment of more special economic zones (SEZ) will transform and build a strong industrial economy in the region, EPZA Director General, Joseph Simbakalia has said. “Special economic zones contribute significantly to social economic development and rapid industrial upgrade in the country,” he told a delegation from Kimaka Defence College in Uganda that visited the Benjamin William Mkapa Special Economic Zone in Dar es Salaam yesterday. Read more. Source | Daily News
East Africa’s economic growth is soaring leading other regions on the continent at close to 7 per cent while the overall outlook for the rest of Africa is cautiously positive.According to the African Development Bank (AfDB), job creation and ramping up manufacturing will continue to be major priority areas for creating growth and employment across the continent. In the Bank’s regional reports launched this week in Abuja, Nigeria, East Africa is leading the continent with GDP growth estimated at 5.7 per cent in 2018, followed by North Africa at 4.9 per cent, West Africa at 3.3 per cent, Central Africa at 2.2 per cent, and Southern Africa at 1.2 per cent. Read more. Source| The Exchange
Economic impact of smallholder farmers in East Africa is an infographic by the Exchange Tanzania that breaks down statistics on smallholder farms in the East African Community (EAC). It is part of the paper's "the Indicator" series, which also includes an infographic on EAC exports.This week's indicator was 19,675,110, the estimated number of smallholder farms in EAC countries. The infographic points out that within the EAC these smallholder farms contribute roughly 30-40% of gross domestic product (GDP), employ roughly 70-80% of citizens, and produce approximately 70% of the food that people in EAC countries consume every day. Despite their impact, smallholder farms continue to be among the most underserved markets in the world.
World Bank (WB) Country Director, Bella Bird has advised the Tanzanian government on how to sustain the country`s economic growth for achieving a middle-income economy by 2025. The idea is to retain that status beyond that period. Ms. Bird noted that Tanzania had enjoyed relatively high and stable growth in the past 15 years. Based on official statistics, Tanzania`s economy has grown more than 6 per cent annually in the past period. Read more. Source| The Exchange
Tanzania Private Sector Foundation (TPSF) has invited more foreign investors to grab the untapped opportunities in the industrial sector as there are already the necessary infrastructures in place. The TPSF Executive Director, Mr Godfrey Simbeye said, "“The country’s vision is one that creates a political, economic and social framework for investors’ participation on investment and trade in the country. This is a clear testimony that Tanzania is really a destination of choice." Read more. Source | Daily News
The government has called for unified efforts among stakeholders to forge a common goal of utilizing the local market as an economic stimulus for increased value addition on agricultural crops. “This in principle will widen trade, increase jobs, expand specialization, reduce environmental degradation, increase incomes and investment, save time and foster shelf-life of products,” said Ms Dorotha Mwaluko, the Permanent Secretary (Policy, Coordination and Investment) in the Prime Minister’s Office in her speech when opening the 7th National Reference Group Meeting (NRG7) in Dar es Salaam. Read more. Source | Daily News
Tanzania and Kenya are yet to resolve the standoff over the testing of goods crossing their borders, subjecting traders from both countries to increased losses. “I have spoken to my Tanzanian counterpart on the release of goods from both sides, pending consultations on a bilateral basis. Although the actual process has to be followed there is no need of holding goods in a manner that is painful to traders,” said Adan Mohamed, Kenya’s EAC Affairs Cabinet Secretary told the East African. Read more. Source | The East African
The private sector in Tanzania has called for expedited harmonization of standards among East African countries to ease trade between member states and increase trade volumes.Tanzania Private Sector director for membership service Louis Accaro said that they have been pushing for harmonization of standards between Tanzania, Uganda and Kenya for many years and they will continue to do so to benefit traders from all countries. Read more. Source | East African
Tanzania plans to invest 170 billion Tanzanian shillings ( $72.4 million) in a five year ambitious project to transform its agriculture sector under the second phase of its National Agricultural Sector Development Plan.The budget was tabled before parliament earlier this week by the country’s the Minister for Agriculture, Dr Charles Tizeba and represents the whole amount that his ministry plans to invest for the next fiscal year 2018/19. Read more. Source | The Exchange
The Tanzania Chamber of Commerce (TCCIA) is set to award stakeholders who have done tremendous and extraordinary work that contributed to the growth of the agricultural sector last year.
The special awards will be the first of its kind in Tanzania and will have 40 categories to be competed for by looking at various issues ranging from innovation, quality and dedication towards the sector. In an interview with journalists, the TCCIA director Fatimah Hamis stated the awards will identify individuals and companies who have brought positive change to the society as well as selling Tanzania as the best destination for agriculture. She said the awards will be a catalyst towards bringing more people into the sector as well as empowering those already in the sector to do more. Read more. Source | The Exchange