Diplomatist Special Report - Tanzania Tanzania 2018 - Page 31

Victoria). “The Standard Gauge Railway project will only speed up the country’s industrialisation drive”, notes Col (retired) Simbakalia. Col (retired) Joseph Simbakalia is an ardent believer and champion of the new direction. “Tanzania is best placed to attract investors from industries all over the world because of vast amounts of natural resources within its boundaries, availability of massive labour force together with a strong market base within the country, and the region of East, Central and Southern Africa as a whole,” he says; adding that Tanzania is not only reviving industrialisation but also more determined to build an industrial economy through an export-led industrialisation, enriched by locally available resources and supplies. Established in 2006, EPZA is one of the key Government institutions responsible for implementing the country’s industrialisation agenda. The Authority is mandated to initiate, develop and manage operations of Export Processing Zones (EPZ) and Special Economic Zones (SEZ). This makes the Authority a One Stop Center for Industry and Trade Logistics Investments. According to Export Processing Zones Act, 2002, EPZs provide for establishment of export-oriented investments within designated zones with a view of creating international competitiveness for export-led economic growth, whereas SEZs were conceived to promote quick and signifi cant progress in economic growth, export earnings and employment creation as well as to attract private investment in the form of both Foreign Direct Investments (FDI) and Domestic Direct Investment (DDI) from all productive and service sectors, as indicated in Tanzania’s Special Economic Zones Act, 2006. Additionally, SEZs attract investment in designated areas by providing quality infrastructure, complemented by an attractive fi scal package, business support services, cluster formation and minimal regulations. “Therefore, SEZ program covers a wider range of allowable activities than the EPZ. It is, therefore, envisaged that the SEZ program will go a long way in contributing towards the achievement of economic objectives and goals of Tanzania’s Vision 2020 aiming at transforming Tanzania into a globally competitive country,” underscores Col (retired) Simbakalia. By investing in Tanzania, investors have an access to over 120 million people in the East Africa Community (EAC) block alone, and stand to exploit Tanzania’s international market which brings with it an easy access to a number of Preferential Trade Agreements with various countries and other regional blocks that Tanzania is a member of. Bringing an economic refl ection, Trade Mark East Africa (TMEA), a reputable aid for trade organisation, argues that Tanzania is