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Tanzania launches five-year plan to boost industrialization

Xinhua, June 8, 2016 Adjust font size:

Tanzania on Tuesday launched the multi-billion-dollar second Five-Year Development Plan (FYDP) aimed at boosting the country's industrialization drive.

Speaking after launching the plan, Tanzanian Prime Minister Kassim Majaliwa said the FYDP 2016-2020 will help improve livelihoods of majority Tanzanians through sectors that employ large number of people such as agriculture, fishing and industries.

"Implementation of the plan is expected to help solve unemployment problem as well as poverty eradication in the country, and hopefully by 2025 we shall have a country whose people have better living standards, peace and good governance," Majaliwa said.

"The government is working hard to ensure that economic growth continues through implementation of the plan, bearing in mind that industrialization is the way to go to achieve the goal," he added.

The PM stated that Tanzania has recorded impressive economic growth in the past decade, reaching seven percent growth in 2014 and 2015.

Earlier, Minister for Finance and Planning, Philip Mpango, said industrialization as prioritized in the plan would help the country attain its goal of becoming a middle-income country.

The minister said nearly 49 billion U.S. dollars are needed for implementation of development projects in the next five years. The government will be required to collect 27 billion dollars, while the private sector contribute 22 billion dollars.

"The funds for implementation of the plan will be obtained from two key areas, namely internal revenue collection through tax and non-tax revenue, and loans and grants from outside the country," said the minister.

The four key priority areas in the Second National Development Plan, according to the Finance and Planning Ministry, are economic growth and establishment of industrial economy, combining economic and human development, creating enabling environment for business environment and investment, and strengthening supervision during the implementation of the plan. Endit