How government plans to boost mining’s GDP contribution to 10 percent before 2025
- Currently, Tanzania is pretty close to the target of 10 percent as envisioned in the Tanzania's Development Vision 2025 plan, with Minerals minister Doto Biteko saying the sector’s contribution to the GDP stood at 9.7 percent as of the third quarter of 2022.
Dar es Salaam. The government yesterday identified five measures it is taking to hit and even surpass the 10 percent target contribution to the country’s gross domestic product (GDP) from the mining sector by 2025.
The steps include inviting new investors, embracing public-private partnership, removal of nuisance taxes and charges, empowering small-scale miners and encouraging investment in value addition.
The revelation was made by Minerals minister Doto Biteko during a press conference ahead of the Tanzania Mining and Investment Forum 2023 slated for October 25 and 26 this year.
Currently, Tanzania is pretty close to the target of 10 percent as envisioned in the Tanzania's Development Vision 2025 plan, with Dr Biteko saying the sector’s contribution to the GDP stood at 9.7 percent as of the third quarter of 2022.
When the implementation of the Development Vision kicked off in 2020, the mining sector's contribution to GDP was estimated at 3.5 percent.
“We have what it takes to achieve and even surpass the 10 percent target,” said Dr Biteko.
“We bank our hopes on improving the investment climate and embracing joint ventures with the world’s largest miners.
“It is on that backdrop, I urge local investors to use the upcoming Tanzania Mining and Investment Forum as a platform to forge partnerships with other investors from across the globe.”
The forum with a theme “Unlocking Tanzania’s Future Mining Potential”, is expected to bring together both local and foreign mining stakeholders to discuss cooperation strategies to unlock and advance opportunities for development in the sector.
The event is expected to attract 2,000 attendees from over 25 countries globally.
“We need to foster Public-Private Partnerships if we are to bolster the sector’s contribution to the economy,” said Dr Biteko.
He went on to add: “I believe the event (Forum) will facilitate dialogue and collaboration between government representatives and private sector stakeholders, encouraging mutually beneficial partnerships to support the sector’s growth and development.”
Dr Biteko said the forum will highlight Tanzania’s rich mineral resources and provide an opportunity for local and international investors to discover the vast potential of mineral exploration projects and value addition in different types of mineral categories.
“The forum will set a stage for an unparalleled government-to-business and business-to-business opportunity for the extensive mine-to-market value chain,” said Dr Biteko.
The Tanzania Mining and Investment Forum is organised by DMG event’s organisers and Ocean Business Partners (OBP), in collaboration with the government through the Ministry of Minerals and key industry partners.
Speaking earlier, OPB director Abdulsamad Abdulrahim said the forum will provide a platform for participants to engage in meaningful discussions, share insights, and identify strategies for enhancing the sector’s contribution to the country’s economy and sustainable development.
The forum, he added, will also showcase investment opportunities in the mining sector, offering a platform for investors to connect with mining companies, explore potential projects and facilitate investment deals.
“The Tanzania Mining and Investment Forum aims at showcasing the immense potential of Tanzania’s mining sector while promoting responsible and inclusive mining practices,” noted Mr Abdulrahim.
Tanzania is rich in critical mineral deposits, which are essential components in the manufacturing of electric vehicles, renewable energy infrastructure and other clean technologies.
The country is home to significant deposits of lithium, cobalt, nickel, and rare earth elements, the minerals which are in high demand as the world transitions to a low-carbon economy.
“Investors who are looking for opportunities in the green energy and transition minerals sector should take notice of Tanzania,” said Mr Abdulrahim.
Adding: “The country's favorable investment climate, coupled with its abundance of natural resources, makes it an attractive destination for investment.”
DMG Events vice president (energy docket) Damian Howard said during the forum they will discuss the opportunity for Tanzania to harness and accelerate its position as East Africa’s mining hub to the world from its mining and exploration activities in support of the green transition.
“Through panel discussions, workshops, and presentations, the forum will foster knowledge sharing and capacity building by bringing together industry experts, researchers, and policymakers to exchange insights, best practices, and innovations,” he said.