THE private sector has commended new efforts to enhance power generation that will ensure reliable electricity supply for industrial plants being established in the drive to industrialise the economy.
The Executive Director with the Tanzania Private Sector Foundation (TPSF), Mr Godfrey Simbeye, said access to affordable and reliable power is important for the country's industrial transformation ambitions.
"As a result of the investments being made in key infrastructure projects such as the 2100MW hydropower project at Stigler's Gorge, the situation should improve dramatically in the coming years," he said after signing a Memorandum of Understanding (MoU) with the global research and consultancy firm Oxford Business Group (OBG) on behalf of the Foundation.
Mr Simbeye also highlighted the challenge that companies face in accessing affordable debt financing, particularly for early and mid-stage funding from venture capital firms and private equity investors.
The OBG's Country Director, Ivana Carapicsaid that the group would be exploring these and other topical issues in its forthcoming publication of the report; Tanzania 2017.
Tanzania's industrialization would be a key focus, she noted, alongside the government's efforts to reduce the informal economy and the balancing act it faces in bridging a budget shortfall without further squeezing businesses.
"Notably, Tanzania has a number of large infrastructure projects in the pipeline that have the ability to change the course of the country," she said.
"On top of this, a national push targeting middleincome status is expected to produce a raft of new investment opportunities. I look forward to working with TPSF to highlight the issues that businesses would like to see addressed and the areas of the economy that are ripe for growth as we begin work on our landmark publication."
Under the MoU, TPSF will contribute to OBG's first-time report on Tanzania's investment opportunities and economic activity.