Speaking during the signing ceremony of the programme for country partnership (PCP) yesterday in Dar es Salaam Li Yong said that Tanzanian government has been doing well in fostering its industrial development for the past years.
He added that the recent industrial strategy run by the government provides hopes for investors to invest in the country.
The government initiatives to launch industrial economic zones in various areas are impressive achievements as it accelerates the establishment and development of small and medium enterprises (SMEs) that boost economy of locals.
Yong explained that the industrial development will also stimulate the growth of SMEs to be able to generate their own income rather than depending on loans from financial institutions.
“But also, through industry the SMEs will be able to improve their lending habit by making sure that they give back the loans taken from the banks,” he said.
The signing of the agreement that was witnessed by the Vice President Samia Suluhu on behalf of President John Magufuli is expected to enable the country to receive collaboration from various development stakeholders including the international financial institutions in implementing the sustainable development goals.
But also the agreement will facilitate job opportunities in the mid of industrial establishment in the country.
The PCP was designed by the UNIDO for the purpose of implementing the inclusive and sustainable industrial development (ISID).
For his part, Minister for Industries, Trade and Investment Charles Mwijage presented the initiatives that have been implemented by the government to boost industrial economy.
He said that the director of UNIDO has been impressed by the rise of economy by more than 5 per cent in the past years.
The minister added that the director has showed his satisfaction of the development more than what he expected to see in the country.
Mwijage explained to the director about several strategies taken to foster industrial development including production of leguminous crops such as pigeon peas, skin processed products, cotton and edible oil.
The minister however told the director that despite the rise of economy the government is also undertaking reforms including removal all the bureaucracy attitudes in the investment processes that include improvement of easy access to land for investors.