Industry and Trade Minister Abdallah Kigoda has cautioned Tabora regional authorities to handle prospective investors with care and work out measures to stem corruption and red tape that scare off potential investors into the region.
The Minister for Trade and Industries, Dr Abdallah Kigoda
“Investors hate excessive bureaucracy and time wasting practices because, to them, time is money,” Dr Kigoda said while closing Tabora Regional Investment Forum in Dar es Salaam last weekend.
He commended the region for identifying potential investment opportunities, challenging the regional leaders to walk the government talk by reducing the cost of doing business and putting in place favourable investment climate.
Tanzania Leaf Tobacco Company’s (TLTC) Group Director of Legal and Corporate Affairs Richard Sinamtwa, in a paper he presented to the forum, said Tabora Region has about 45,000 farmers who produce over 60 million kilogrammes of tobacco annually for processing and value-addition domestically before exporting.
Besides tobacco, which is the region’s economic backbone, Tabora residents produce beans and peas, maize, cassava, potatoes, groundnuts, sesame seed, sunflower, rice, mangoes and honey.
“There is huge potential for investment in agro-processing,” said Mr Sinamtwa, decrying lack of value chain to support investments as the region’s serious challenge. Mr Sinamtwa whose company has invested heavily in the region mentioned strong agricultural production, well educated labour force, rich rural areas and high household incomes among the region’s investment strengths.
Tanzania Private Sector Foundation Executive Director Godfrey Simbeye said promotion of conducive investment environment was inevitable to achieve the country’s five-year development plan that targets a 10-per cent growth rate by 2015/16.
He commended the government’s initiative of Big Results Now, saying it was the right decision towards changing the culture of doing things, particularly on how the public servants interact with the private sector.
Dar es Salaam Stock Exchange Executive Director Moremi Marwa advised small, medium and large business enterprises to use the stock market to raise capital, saying the bourse offers better terms for business financing to both capital issuers and consumers.
“Even Municipalities can use the DSE to raise funds for development of social and physical infrastructure like roads, schools, markets, storage facilities and health centres,” said Mr Marwa.
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