Transparency and consistency in investors’ dealings has singled out as a crucial strategy that could attract the much needed Foreign Direct Investments (FDI) into the country.
This was revealed on Tuesday in Dar es Salaam by Ms Shainul Bhanji, a representative of the Global Investors Consultation Centre (GICC) in an interview with the ‘Daily News’ on the hurdles impeding business growth in the country.
“There are areas for which the government has made to make friendly business environment but others still remain and have been impeding the smooth flow of investments and business growth in the country,” she noted.
She said for example, the World Bank “Doing Business 2014″ report released recently ranked Tanzania, at the bottom of other East African Community (EAC) member states in doing business.
Tanzania currently ranks at 145 in the Global ranking falling from 136 of the previous year.
She said Tanzania has a better chance to attain robust economy if the present efforts to invest in infrastructure development namely road networks, railways, ports and sufficient warehouses are timely realised.
According to her, areas wherein the government could give a serious thought includes, the process of dealing with construction permits, time needed to register a property, accessibility to electricity connectivity, access to finance as well as trading across borders.
Ms Bhanji gave an alert of continued revenue loss and massive jobs which are not created for failure to address the adverse business environment in the country.
She said the government should also direct its efforts to increasing integration of the mining sector with other sectors of the economy, citing the scenario of having Mining Development Agreements and seeking joint ventures through STAMICO as a good move.
Similarly having precious gemstones exported in a raw form without having the initial processes in Tanzania should be minimized. The same applies to crops such as of cashew nut.
Source Tanzania Daily News
