Market News

THE government plans to introduce a special department for business, investment and industrial development in all 185 district councils, which will enable regional business officers countrywide to have full autonomy to manage business and investment in the country.
The plan was revealed on Tuesday by the Minister of State in the Prime Minister's Office responsible for Investment, Geoffrey Mwambe during a two-day seminar for regional business officers held in Dodoma.
According to Mr Mwambe, his Ministry would accomplish the plan in collaboration with the Ministry of State, President's Office, Regional Administration and Local Government, the Ministry of Trade and Industries and the President's Office Public Service Management.
Minister Mwambe underscored the need for regional business officers to catalyse processes for business and investment in the country that is why the government wanted to have a special department to facilitate the matter.
Mr Mwambe further wanted business officers in all regions to supervise loans that ought to be provided to women, youth and People with Disabilities from the Prime Minister's Office.
"Currently these loans are being supervised by community development officers but in reality this should not be in their capacity because they do not know business issues as per their professions," he insisted.
The Investment minister further said regional and district business officers need to help groups obtaining loans from the government to process proper business plans as many of them took loans without knowing how properly to utilize them. He also called for the need to establish regional business centres, which would help to formalise all businesses in the country.
Earlier on, Tanzania Investment Centre (TIC) Executive Director, Dr Maduhu Kazi said his office had coordinated a special seminar for business officers from across the country in order to have an extended exclusive army to prefect business and investment in the country.
Speaking at the same occasion, Permanent Secretary in the ministry, Prof Godius Kahyarara said his ministry would remain focused as President Samia Suluhu Hassan had already provided her direction on matters regarding to investment in the country.
He also insisted on the government's plan to have industrial Parks in all the regions countrywide in efforts to attract business and investment.
Source: Allafrica.com