THE government intends to establish a new institution to supervise private sector investment issues, the legislature was told yesterday.

Prof Kitila Mkumbo, the Planning and Investment state minister in the President’s Office, made this observation when presenting the ministry’s budget estimates for fiscal 2024/25.

A major task for the ministry will be to supervise transformation measures in operations of public corporations, to work on those failing to attain intended goals, he said.  

“We will also review several laws governing sectors like mining, land, agriculture, tourism and trade to address revenue loopholes and improve the business environment in the country,” he stated.

Similarly, the government expects to launch the Bagamoyo Special Economic Zone (SEZ) and market it inside and outside the country to attract investors, including elevating the public private partnership (PPP) format, he said.

Requesting the House to approve the 121.329bn/- estimates where 100.246bn/- is recurrent expenditure and 21.08bn/- is intended for development projects, he recalled that the government had scrapped 374 levies, fees and fines that were impeding investments.

The levies involved issuing of permits or licences by the Tanzania Bureau of Standards (TBS), the Sugar Board of Tanzania (SBT), Occupational Health and Safety Authority (OSHA), the Government Chemist Laboratory Authority (GCLA), the Tanzania Medicines and Medical Devices (TMDA) plus the Fire and Rescue Force, he stated.

Apart from removing the levies, the government merged some agencies and authorities with kindred responsibilities, with the former Tanzania Food and Drugs Authority (TFDA) having part of its duties shifted to the Tanzania Bureau of Standards (TBS).

Permit issuing responsibilities for chemical transportation were shifted to GCLA, ending contentions with TMDA and the Tanzania National Roads Agency (Tanroads).

The government has also amended the Tanzania Shipping Agencies Act (Cap 415) to remove cargo clearing and forwarding, with TASAC now focused on bulk concentrates, live animals, chemicals used in mining plus government trophies.

He pointed at an increase of registered companies from 7,817 in 2018/19 to 10,656 companies by fiscal 2021/22 as arising from efforts taken by the government to create a conducive investment environment.

He said that in the 2024/25 financial year, the ministry is prepared to complete the preparation of the National Development Vision 2050.

During the next financial year, the ministry will finalise preparations for a new investment policy and its implementation strategy, while merging the Tanzania Investment Centre and the Special Processing Zone Authority (EPZA), he added.