TIC lists investment areas tied to SDGs

Tanzania Investment Centre (TIC) acting executive director John Mnali. PHOTO | FILE

What you need to know:

  • The government, through the Tanzania Investment Centre, aims to unlock new partnerships and commitments in five key areas

Dar es Salaam. The government is incorporating more private investments in the Sustainable Development Goals (SDG) to ensure economic growth and stability.

The government – through the Tanzania Investment Centre (TIC) – aims to unlock new partnerships and commitments in five key investment areas that will advance the country’s progress toward the 2030 SDG agenda.

Speaking yesterday, TIC acting executive director John Mnali said the priority sectors are food and agriculture, renewable and alternative energy, infrastructure, services and education.

Mr Mnali was speaking ahead of an investment forum slated for tomorrow in Dar es Salaam, and which has been organised in partnership with the United Nations Development Program (UNDP) and the Ministry for Investment, Industry and Trade.

“From the agriculture and food sectors, we are looking at fruits and vegetable processing, edible oil processing and high-value leather product manufacturing,” he said.

Tanzania produces only 205,000 tonnes of cooking oil a year, which is not enough to meet its annual demand of 570,000 tonnes, making the need for new investment essential.

While the hydropower dependence together with droughts that affect the country often lead to power shortages, the government is now encouraging more investments in renewable energy resources.

According to Mr Mnali, this is specifically on areas of rooftop solar energy systems, especially in areas not reached by the national grid, and also solar-powered irrigation pumps for agriculture.

“On infrastructure, investors are invited in affordable housing financing, solid and e-waste management, storage and transport infrastructure for horticulture perishable products,” he said.

Being SDG 4, the education sector also has been prioritised in acquiring private sector investors, especially on low to mid-level, affordable daycare and technical and vocational education training centers, he says.

“On the services sector, targets are on the sustainable tourism infrastructure,” said Mr Mnali.

The SDG goals are a collection of 17 global goals adopted by all United Nations Member States. They are designed to be a “blueprint to achieve a better and more sustainable future for all”.

Set up in 2015, and anticipated to be achieved by 2030, seeking to end poverty and other deprivations and also influence strategies that improve health and education, reduce inequality, and spur economic growth.

UNDP-Tanzania head of inclusive growth Emanuel Nnko says the private sector can play a significant role in enabling the country’s ambition on the 2030 agenda.

“We believe that influencing more investment on these areas is going to touch directly the progress towards achieving the 2030 agenda,” he said.

Engaging the private sector he says also adds to the already existing efforts made by the government through different developmental projects.

Mr Nnko is with this thinking that the idea for an investment forum was established, and over 100 local and international companies are set to participate.

Earlier the TIC boss Mr Mnari also highlighted that apart from business-to-business talks (B2B) the government also plans to promote six ongoing projects.

These projects are the TIB’s edible oil processing projects, the development of an agriculture special economic zone project at Usa River, Arusha, and the Farkwa Dam construction and conveyance system in Dodoma.

Others include the Singida Solar Power Project 100MW and the Waste recycling and renewable energy project under TIRDO.