Investment attraction: Policy formats, laws up for review

17Apr 2021
Getrude Mbago
The Guardian
Investment attraction: Policy formats, laws up for review

PRIME Minister KassimMajaliwa has said that the government intend s to fast-track the review and amendment of investment policies and laws so as to ease doing business in the country.

The changes are aimed at attracting more investors and thus stimulate businesses activity and economic growth.

The premier said that the move is part of the implementation of various directives issued recently by President Samia Suluhu Hassan especially in the area of enhancing investment and trade.

In remarks after swearing in permanent secretaries, their deputies and heads of a number of key government agencies, the president said the negative business environment had reached the point of driving scores of investors out of the country.

Winding up budget estimates for his office for the year 2021/22 fiscal year in the House, Majaliwa said the government is well prepared to invest heavily in improving the business environment to facilitate smooth operation sof the private sector, thus improving revenue collections.

He said projected amendments will involve the Investment Policy of 1996 and the Investment Act of 1997, removing contradicting positions stemming from the provisions, thwarting government efforts to improve conditions of doing business and enhancing investments.

The government is preparing a ‘National Investment Strategy’ to further enhance investment promotion, he said, directing ministries, government departments and local authorities to invest efforts to promote investment in various parts of the country.

He warned government executives, agencies and departments to impugn dishonest acts like extorting bribes and misuse of office as this thwarts investment attraction efforts.

Real time electronic surveillance will be created to receive and address complaints from investors and traders, the premier cautioned, stressing the importance of a conducive environment for business and investment to spur the country’s social and economic development.

The government intends to address challenges in thematic areas, including investment coordination; investment promotion; investment facilitation; regional and international integration; land for investment; investment financing and incentives, and technology development, he stated.

The government will strengthen efforts to ensure that more businesses are formalised so as to support their growth and contribution to national income, he similarly noted.

“We will invest heavily in local content policies and revamp laws so as to stimulate greater engagement of Tanzanians in lucrative sectors and projects,” he said.

He reaffirmed government commitment improve service delivery by enhancing budget allocation for social services. It will continue investing efforts to address land conflicts in the country so as to support smooth implementation of various projects for sustainable development, he added.

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