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Sumari: GDP projected to reach 9.2pct in 2011
2008-05-02 09:19:08
By Austin Beyadi
The government has said that the country`s GDP is currently growing at a faster pace and it is projected to reach 9.2 per cent in the year 2011.
Speaking during the launching of Mr Price Chain Store supermarket in Dar es Salaam, Deputy Minister for Finance and Economic Affairs Jeremiah Sumari said that Tanzania would be among the middle economies if the projected GDP was reached.
He said that last year, the GDP stood at 7.5 per cent, adding that it is expected to reach 7.8 per cent this year, 8.1 per cent in 2009, 8.8 per cent in 2010 and 9.2 per cent in 2011.
He said that the government was making its best in order to encourage more people to invest in the country so that it can generate more revenues to lead to GDP growth.
He said that Tanzania had a strong overall economic performance in recent years, grounded on a sound macroeconomic policy framework and progress on structural reforms.
Sumari said that despite the fact that Tanzania is economically growing, investors were also rushing to invest in the country because of its long history of peace and stability.
He urged investors to utilise locally obtained raw materials in the manufacturing of their products and that by doing so the government would be in a position to negotiate with them about tax exemptions.
Mr Price Chain Store Tanzania managing director Sandy Christian said investors were willing to cooperate with the government in all areas which would improve the investors business and improve government revenue collection.
She said that they have decided to invest in the country because Tanzania has emerged to be one of Africa's fastest growing economies.
She said Tanzania has developed a culture in which a strong private sector is being nurtured, hence creating a favourable business environment.
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