Tanzania backs push to accelerate Africa’s industrial growth

Tanzania has joined other African nations in promoting quicker industrial growth through enhanced financial access, more robust trade and investment ties, and increased economic cooperation throughout the continent.

Tanzania's delegation is being led by Deputy Minister for Finance Mshamu Ali Munde, who is representing Finance Minister Ambassador Khamis Mussa Omar at the 9th Joint Meeting of the African Union (AU) Specialised Technical Committee (STC) on Finance, Economy, Planning, and Integration, as well as the Fifth Specialised Technical Committee on Trade, Tourism, Industry, and Minerals, which begins in Abidjan.

According to a release from the Ministry of Finance, the meeting will include ministers in charge of finance, mining, trade, industry, and economic planning, as well as central bank governors, AU institutions, and regional financial organisations.

The meeting is focused on methods to boost industrialisation by extending financing choices, improving public debt management, strengthening domestic tax collection, growing capital markets and promoting private sector participation.

Another key focus will be strengthening intra-African trade through the implementation of the African Continental Free Trade Area (AfCFTA), which seeks to create a more integrated and competitive continental market.

“Tanzania’s participation provides an opportunity for the country to share its experience in economic management, domestic resource mobilisation and ongoing initiatives to improve the investment environment and accelerate industrial development through collaboration with the private sector,” the ministry stated.

Held under the theme “Financing Industrial Development in Africa for Sustainable Development,” the meeting underscores the continent’s efforts to develop common strategies for inclusive and sustainable economic growth.