Panel in IPAs Africa Forum 1 including Tanzanian Minister of State for Investment Geoffrey Idelphonce Mwambe on June 12, 2021. Press Photo
CAIRO - 12 June 2021: Tanzanian Minister of State for Investment Geoffrey Idelphonce Mwambe highlighted Saturday in IPAs Africa Forum 1 that his country has every type of minerals, including tanzanite, gold, nickel, cobalt, and coal among others.
The minister showcased how Tanzania has been able to achieve an annual growth of seven percent.
“Since 2005, Tanzania has been imposing zero-percent tariffs on the import of raw material, and 10-percent tariffs on finished [industrial] goods,” Mwambe clarified. It is noted that tariffs on consumer goods stand at 25 percent in Tanzania.
“Tanzania achieves surplus of goods and we’re really keen on exporting to fellow African states,” the investment minister said.
In spite of that progress, the investment minister underlined that a lot of work has to be done. “For instance, 75 percent of our cotton produce is exported in a raw form,” Mwambe stated stressing the need to boost manufacturing in the textile sector.
Furthermore, the minister said his country eyes investments in the sectors of agriculture, forestry, woodland, natural gas, tourism, livestock, and manufacturing.
With regard to intra-African trade, “Tanazania believes in collective work, and integration among African economies,” the minister pointed out.
In that context, the minister underscored the hindrances facing intracontinental trade in Africa.
“Africa is not connected not just in terms of infrastructure but also in terms of mindset,” the minister said suggesting giving more care to economies of scale.
As transportation is still pivotal to bolster intra-African trade, Mwamba underlined that “it’s often cheaper to ship to non-African countries than to African countries” urging solutions to such problem.
Africa IPAs Forum 1 kicked off in Egypt’s Sharm El Sheikh having as slogan “Growth for Integration.” The forum is the first of its kind and is taking place on June 11-14 with the participation of ministers and chairpersons of investment promotion authorities at 34 African countries.