Prime Minister Mwigulu Nchemba addressed investors at an investment and capital markets forum held at Citi's offices in London's Stirling Square, where he presented opportunities available under Tanzania's Development Vision 2050. The Prime Minister said the government had worked to lower the cost of doing business by creating a more welcoming investment climate, including developing transport infrastructure to make different parts of the country more accessible to investors.
On major infrastructure projects, the Prime Minister outlined progress on the Standard Gauge Railway extension to Dodoma, the country's capital. The government has completed two sections so far and expects to connect Dar es Salaam and Mwanza within the next two to three years, he said. The government is also rehabilitating the Tanzania-Zambia Railway Authority railway to improve connectivity and open the southern corridor to economic activity.
Reliable energy availability is a key investment driver, according to the Prime Minister. Tanzania has reached an installed capacity of more than 4,600 megawatts, he said, with hydropower accounting for 59 per cent of electricity generation, natural gas 28 per cent, oil-based energy 5.8 per cent and biomass 2.9 per cent.
Finance Minister Ambassador Khamis Mussa Omar told investors that Tanzania's economy had grown at between 5.4 and 5.9 per cent, with growth projected to reach 6.3 per cent this year. The government plans to use 74.2 per cent of the current financial year's budget of 62.3 trillion shillings for development projects, he added.