Tanzania unveils priorities as new investment budget is tabled

Dar es Salaam. Completing the preparation of the National Development Vision 2050 and finalising the drafting of a new investment policy and its implementation strategy are among the priority areas for the Planning and Investment docket in the 2024/25 fiscal year.

The Minister of State in President’s Office responsible for Planning and Investment, Prof Kitila Mkumbo, who tabled his docket’s budget for 2024/25 on Monday April 22, 2024, said the focus areas also included completing the integration of the Tanzania Investment Centre (TIC) and the Export Processing Zones Authority (EPZA) which will result into establishing a new institution to oversee private sector investment issues.

Other priorities are initiating competitions on how regional secretariats and local government authorities attract investments and create a conducive environment for investment and trade; and revitalising the business and investment environment improvement plan that will identify new investment and business challenges in the country and how to address them.

Prof Mkumbo said out of the requested amount, Sh100.246 billion would be used for recurrent expenditures, while the remaining Sh21.083 billion would be directed for the implementation of development projects.

“Honourable Speaker, this is the first budget to be tabled by the President’s Office of Planning and Investment. Through the tabled budget framework, leaders and servants in this office and institutions overseen by this docket are well prepared to coordinate and supervise the country’s sustainable development plans,” he said.

“To ensure investment opportunities continue to broaden for the benefit of all Tanzanians and the efficient governance of public parastatals to enable them to make full contribution to the country’s development both socially and economically,” he added.

Prof Mkumbo said his docket’s budget goals include coordinating robust plans aimed at sustainable and inclusive development for citizens, attracting productive investments for the nation, improving the business environment, and ensuring the efficient operation of public agencies and institutions.

"In achieving goals, programmes, projects, and tasks to be implemented, my docket has taken these priorities into consideration," said Prof Mkumbo.

He said his office will finalise guidelines for the construction and operation of industrial parks and conduct an assessment of the establishment and operation of special economic zones in the country.

“Furthermore, reviewing laws related to mining, land, agriculture, tourism, and trade to improve the business and investment environment in the country and completing the enactment of the Public Investment Act and its regulations are other areas of focus,” he said.

"The ministry will also commence the implementation of the flagship project of the Bagamoyo Special Economic Zone (BSEZ) in accordance with the Comprehensive Plan of 2024," he added.