Browsing: Tanzania

The Tanzania Trade Development Authority (TanTrade) said in a statement issued on Wednesday that the country is set to participate in the first China-Africa Economic and Trade Expo to be held in Changsha, the capital of central China’s Hunan province between 18^th and 20^th June, 2019.

The body has also urged the local companies to grab the `golden chance` provided by the trade expo which will focus on trade, investment, finance, agriculture, mining, energy, tourism and infrastructure.

Officials will sign bilateral agreements during the exhibition, engage in investment promotions, and establish a “new mechanism” for future economic cooperation.

The expo is part of a slew of promises made by president Xi Jinping during last September’s Forum on China–Africa Cooperation (FOCAC) in Beijing. During his speech to African leaders, President Xi proposed eight initiatives aimed at pursuing a “win-win” strategy giving new impetus to economic, political, and security collaboration. …

The International Monetary Fund (IMF), the international economic advisory body, has cut its forecast for Tanzania’s economic growth for this year and 2020 to four percent, down from previous expectations.

Tanzania is forecast for economic growth of 4 percent in 2019 before accelerating modestly to 4.2 percent in 2020 – a drop from an estimated 6.6 percent in 2018. In January last year, the IMF said it expected Tanzania’s economy to grow between six and seven percent over the medium term, provided the country increased capital spending and improved its business environment. However, the organization has drastically cut its outlook for the country, predicting growth of four percent in 2019 and a minor increase for 2020.

The Fund also predicts Tanzania’s consumer price inflation will reach 3.5 percent this year and rise to 4.5 percent in 2020.

The IMF’s revised forecast contradicts government estimates that predict the economy will grow …

Taxing cash prize winners in Tanzania`s gaming industry is not only inadvertently hurting its rapid growth, but also restraining and stifling its potential.

Innovation and competition have elevated the gaming industry`s offerings and drive more inclusivity among a broader range of audiences, contributing substantially to the economy.

In the 2017/2018 fiscal year alone, the industry contributed Tshs.3.4 trillion ($1.4 billion) to the national economy which is an equivalent of over 3 per cent of the Gross Domestic Product (GDP), official data from the Tanzania Gaming Board (TGB) indicates.

The Tanzania Sports Betting Association (TSBA) statement issued last week stated that taxing cash prize winners is not only hurting the impressive growth, but also restraining the industry`s considerable potential.

The association further stated that despite the industry`s massive contribution, there are concerns over the government`s approach of taxing sports betting which is hurting and inhibiting the industry`s massive potential for growth.…

In a recent statement by the Tanzania Coffee Board (TCB), Tanzania earned Tshs.180 billion ($79 million) from the sale of over 65,000 tonnes of coffee collected in the 2018/2019 crop season.

The board Director General, Primus Kimaryo said 40,940 tonnes of coffee were sold through the TCB Coffee Exchange, with the remaining 24,583 sold through Direct Coffee Export. Robusta dominated the direct export with 19,399 tonnes constituting 78.9 per cent while 5,183 tonnes of Arabica coffee made 21.1 per cent of the consignment.

Mr. Kimaryo said that although coffee production during the 2018/2019 season was 65,000 tonnes, an increase of 30 per cent from the previous year`s 50,000 tonnes, prices in the world market were not favourable to farmers.

He challenged farmers from across the country to put more emphasis on the production of high quality coffee to fetch good prices on the world market in the future seasons.

Outlining …