Foreign Direct Investments (FDI) from the European nation of Italy will help augment the industrialisation drive in Tanzania. President John Pombe Magufuli is shifting the country’s economy to an industrialised one to be more competitive and add impetus to the economic development and prowess of the nation. He has heralded the role of foreign companies that have helped the Government to keep their dream alive.
Italian Ambassador to Tanzania Roberto Mengoni said the embassy would continue to support the country’s firms in the African soil to help them succeed in their operations. The embassy continues to urge more Italian companies to venture into Tanzania with the vast array of investment opportunities available in the country.
Italy is as well marketing Tanzanian products within its boundary, as the East African nation seeks to have a wider market reach in Europe. The embassy feeds both Italian and Tanzanian businesses with vital information on their respective foreign environments for marketing. The ambassador has urged more Italian firms to grab the investment and business opportunities in Tanzania for mutual benefits.
Tanzania’s mainstay is agriculture, but with the rise in the use of technology, the Parliament believes the economy can be competitive with more focus on industrialisation. Aiming to become a semi-industrialised economy by 2025, the Government is encouraging more FDI inflows in the manufacturing sector in a bid to boost its export volume.
Tanzania highlighted industrialisation as a factor to the economic development and strategic improvements to better the infrastructure is already in place. Business incentives to entice firms have worked well for their favour. Over the last decade, the sector has supported the GDP of the country.
The sector has created job opportunities for many citizens that have secured employment to contribute to the welfare of the nation. Industrialisation still faces challenges, but the foreign and local aid should escalate its performance.