DAR ES SALAAM: THE government has devised long-term strategies to bolster exports and reduce the forex deficit in the country, Finance Minister Dr Mwigulu Nchemba said on Thursday.
In realisation of this initiative, the government will invest more intensively in traditional exports, value addition, and embracing local products to cut imports. Speaking during the 2024 High-Level Strategic Dialogue in Dar es Salaam on Thursday, the Minister for Finance, Dr Mwigulu Nchemba, said that in this financial year, Tanzania will reopen the Export Credit Guarantee Scheme, where the government has allocated approximately 600bn/- in support of the private sector.
The objective is for the sector to be fully engaged to boost production by producing processed products, especially agricultural products, to increase exports that will bring more forex into the country.
“Our long-term and shortterm strategies are to ensure that we increase locally processed products, including edible oil, fertilisers, cement, and many others, which are widely used in the country to reduce importation,” said Dr Nchemba.
However, Dr Nchemba said the shortage of dollars will ease significantly because the big projects that require dollars are going to be completed, including the Julius Nyerere Hydroelectric Power Project (JNHPP) and the Standard Gauge Railway (SGR).
“Currently, the shortage of dollars is a worldwide phenomenon, but what differentiates Tanzania from other countries is that we have large projects that require a lot of foreign currency to foot the bills,” he said.
Meanwhile, Dr Nchemba said that towards Vision 2050, the government will accelerate resilience and inclusive development in times of uncertainty. Dr Nchemba said that in Vision 2050, the government’s priority is to invest in production sectors that employ more than 75 per cent of Tanzanians.
“We will continue to invest significantly in agriculture. When we talk about agriculture in a broad concept, that includes livestock, fishing, forests,” he said.
He called for coordinated efforts and partnerships with development partners to explore innovative approaches in crafting the national development vision 2050 with a focus on building an inclusive and resilient economy that can withstand global uncertainties.
On his part, the British High Commissioner to Tanzania and Development Partner’s Group (DPG’s) Co-chair, Mr David Concar, commended President Samia Suluhu Hassan for the changes she made to bring development and create a good environment for investment and business in the country.
Mr Concar said the dialogue was about collaboration for a shared future, saying the DPG was part of the agenda. He said the development partners are ready to work together with Tanzania to enhance robust macroeconomic achievements.
“Tanzania is a junction where investment in key sectors such as health and education can seize the opportunity for the growth of a country with half of its population being youths,” he said.
Mr Concar said investment in skills development for the youth is important in achieving the vision 2050, with women’s involvement playing a key role in food production at the family level.
“Tanzania is a destination and space for doing business, where it will become full capacity and create jobs for citizens. It will be good to involve development partners in the high-level strategic dialogue to continue participation so that it can be a sustainable economy that will reduce the employment problem and look at the area of reforms that made Tanzania grow. The dialogues involved diplomats, development partners, ministers, the private sector, researchers, and other development stakeholders.
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