Minister: Investors put off by hostile language

31Mar 2021
The Guardian
Minister: Investors put off by hostile language

THE Minister of State in the President’s Office (Investments) Prof Kitila Mkumbo has warned government officials who issue statements that are unfriendly to investors and businessmen seeking to make investments in the country.

Prof Kitila Mkumbo.

Prof Mkumbo gave the remarks here early this week when opening a task meeting for desk officers charged with implementation of the programme to strengthen the business and investment environment.

He said that with the government changing its tone to usher in many more investors, top officials should change their mindset in the entire issue of investment.

“There are reports that some officials use foul, threatening language to investors and other business people in their areas when they approach them with investment projects,” the minister charged.

As a country Tanzania must be ready for competition through observing investment basics since it is the only way to attain rapid economic growth, he stated

 He said that the 1997 Investment Act that is set for amendments to have in place an efficient investment environment facilitating job creation for  Tanzanians.

At present the government was focused on having in place a good working environment for domestic and foreign investment, hence various authorities were supposed to ensure they discharge their responsibilities in such a way as to attract more investors.

Yamungu Jacob, an economist with the Development and Investment Department, said bringing together departmental officials was meant to discuss the investment programme in improving the business and investment climate, an aspect of key policy agenda in place since 2010.

Another quest is to make visual inspection of project implementation by World Bank yardsticks to compare Tanzania with 190 other countries on their footprint in world trade.

World Bank reports are relied upon and trusted by many investors within and outside the country and Tanzania was placed at number 141 in 2020 in a clear shift from number 144 the previous year.

The government is committed that by 2025 the country’s position in business environment ranking should approach two-digit level, he stated.

In its push to attract investors the government introduced a grand plan to improve the business and investment climate by putting in place 11 yardsticks for measuring implementation of the set goals, he added..

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