The government is planning to establish industrial development bank soon to speed up investment flow and loans for industrial development. Permanent Secretary (PS) in the Ministry of Industry, trade and investment, Dr Adelhelm Meru, revealed the above in Dar es Salaam yesterday during the official closing of the industrial exhibitions that took place at Dar es Salaam International Trade Fair (DITF) grounds along Kilwa Road.
“The industrial development bank can form a fundamental component in realising the industrialisation drive and enhance its contributions to economic growth,” he said, adding that in just one year under the Fifth Phase Government, 2,000 industries have been established.
Dr Meru noted that there was already an agriculture development bank in place to support farming activities and now it was high time to establish an industrial development bank to speed up flow of loans for the establishment of industries.
The PS noted that it was indisputably clear that many countries that have developed strong economic bases, have done so through an emphasis on industrialisation. He said the government will continue to address hurdles that impede industrial development to ensure more investment flows for industrial development.
Dr Meru stated that industries create jobs, generate revenue, stimulate introduction of new technologies and motivate trade in industrial products. “For many years, Tanzania had been a victim of exporting raw materials thereby losing money, jobs, technology and foreign currency,” he noted.
Agriculture is the predominant sector and has an advantage of having long value chains thereby creating many jobs.
In the agriculture sector, value addition opportunities are available in the processing of agro products In the agriculture sector, value addition opportunities are available in the processing of agro products such as cotton to clothing, cashew nuts, edible oil, fruits and vegetables, rubber, sugar, wood products just to mention a few.
On his part, the Tanzania Trade Development Authority (TANTRADE) Acting Director General, Mr Edwin Rutageruka, said plans were underway to establish an SMEs bonanza at the trade fair grounds. “The bonanza will form an important platform for SMEs to showcase their businesses and technology,” he explained.