Deputy Minister for investment, industry, and trade Exaud Kigahe declared the interest at the monthly CEOrt dialogue meeting held last Friday in Dar es Salaam.
“The government has started reviewing the laws and regulations regarding businesses and investments. Alongside this initiative, the ministry has set strategies in assisting its regulatory institutions such as the Tanzania Bureau of Standards and;
The Fair Competition Commission with funds and manpower so that they can smoothly deal with smugglers and counterfeiters in protection of investors and businesses,” said Kigahe.
He said the government is increasing efforts to improve the country’s business climate and attract more domestic and foreign investors.
Following recent developments that include the endorsed Tanzania Investment Act 2022, the CEO Roundtable of Tanzania (CEOrt) held discussions with the minister on the role of the private sector in supporting the country's socio-economic development through investments.
Kigahe said with a wealth of market opportunities, Tanzania offers an attractive operating environment that investors can leverage.
“From improved capital requirements and tax incentives, to centralizing all laws and regulations regarding investment matters, the government is making ongoing efforts to make the business climate more investor-friendly,” said Kigahe.
CEOrt Chairman David Tarimo commended the government’s initiatives that lead to creation of more jobs, build industries, and meet the needs of economic growth.
As part of its objectives, he said, the CEOrt continues to champion and facilitate enhanced public-private dialogue towards policy and regulatory reform in order to create a friendly business environment for Tanzania’s sustainable development.
He appreciated that the private sector has been placed at the center of driving foreign direct Investment by the government
He said as representatives of the private sector, the business leaders within the forum have an opportunity to drive dialogue with the public sector on the overarching issues within the investment space.
“Our session with the deputy minister explores how the private sector can participate in identifying and promoting the right investment opportunities within Africa in order to continue driving Tanzania’s sustainable growth trajectory,” said Tarimo.
Tarimo affirmed that with frequent sessions, the CEOrt looks forward to unpacking the expectations of both sectors in fostering a more predictable business environment, and the role of the private sector in supporting the country’s socio-economic development aspirations as far as investment is concerned.
CEO Roundtable represents CEOs from almost 200 leading companies in Tanzania cutting across multiple sectors of the economy with a shared purpose to enhance impact in leadership and the country’s sustainable socio-economic prosperity.
Collectively, members of the CEOrt contribute to Tanzania’s economy through tax collection, employment, capacity building, technology transfer and skills development.