Minister of Finance, Hon. Dr. Mwigulu Lameck Nchemba (MP) (second from the left seated), Minister of State in the Office of the President, Labor, Economy, and Investment - Zanzibar, Hon. Shariff Ali Shariff (MP) (left), United Nations Resident Representative and Chair of the Development Partners Group in the country, H.E. Zlatan Milišić (first from the right seated), and the British Ambassador to the country, who is also the Chair of the Development Partners, H.E. David Concar (second from the left), posing for a group photo with representatives of International Organizations after the conclusion of the 2024 High-Level Strategic Dialogue Meeting.
In a groundbreaking announcement, Finance Minister Dr. Mwigulu Nchemba revealed the government's meticulous long-term plans aimed at strengthening exports and mitigating the forex deficit in the country. The declaration, made during the 2024 High-Level Strategic Dialogue in Dar es Salaam, emphasized a multifaceted approach, focusing on traditional exports, value addition, and the promotion of local products to curtail imports.
As part of this initiative, the government is set to make substantial investments in reopening the Export Credit Guarantee Scheme during the current financial year, allocating approximately 600 billion Tanzanian shillings to support the private sector. The primary objective is to encourage full engagement of the sector, particularly in producing processed agricultural products, thereby amplifying exports and bolstering foreign exchange reserves.
Finance Minister Dr. Mwigulu Nchemba outlined the strategy, stating, "Our long-term and short-term strategies are to ensure that we increase locally processed products, including edible oil, fertilizers, cement, and many others, which are widely used in the country to reduce importation."
Furthermore, Dr. Nchemba expressed optimism that the shortage of dollars would alleviate significantly, attributing it to the impending completion of major projects such as the Julius Nyerere Hydroelectric Power Project (JNHPP) and the Standard Gauge Railway (SGR), which demand substantial foreign currency.
In the context of Vision 2050, Dr. Nchemba underscored the government's commitment to accelerating resilience and inclusive development amidst global uncertainties. He emphasized the priority of investing in production sectors that employ over 75 percent of Tanzanians, particularly highlighting continued significant investments in agriculture, including livestock, fishing, and forestry.
Dr. Nchemba called for collaborative efforts and partnerships with development partners to explore innovative approaches in crafting the national development vision for 2050. He emphasized the need for building an inclusive and resilient economy capable of withstanding global uncertainties.
The British High Commissioner to Tanzania and Co-chair of the Development Partner’s Group (DPG), Mr. David Concar, commended President Samia Suluhu Hassan for her transformative leadership, fostering an environment conducive to investment and business development. During the dialogue, Mr. Concar expressed the readiness of development partners to collaborate with Tanzania, focusing on robust macroeconomic achievements and investing in key sectors such as health and education.
Mr. Concar highlighted Tanzania as a promising destination for business, emphasizing the potential for significant growth and job creation. He advocated for the involvement of development partners in high-level strategic dialogues to ensure a sustainable economy, reduce unemployment, and acknowledge the reforms that have propelled Tanzania's growth. The dialogue included diplomats, development partners, ministers, the private sector, researchers, and other key stakeholders in the development process.