Tanzania expects the implementation of the African Continental Free Trade Area agreement to provide a strong boost to the national economy and promote the growth of incomes, Francis Lukwaro,
MOSCOW (Pakistan Point News / Sputnik - 30th October, 2018) Tanzania expects the implementation of the African Continental Free Trade Area agreement to provide a strong boost to the national economy and promote the growth of incomes, Francis Lukwaro, the chairman of the Dar Es Salaam Regional Chamber at the Tanzania Chamber of Commerce, Industry and Agriculture, told Sputnik.
"Tanzania has a lot of products. It is a vast, large country. We have a lot of production in agriculture and other things. So when this system becomes open, Tanzania will be able to export so much from its land. That will increase the income earnings of the country. So we are looking to [the] implementation [of the free trade area project]," Lukwaro said.
According to Lukwaro, the country has already been on track to achieve the middle income target by 2025 through a policy of industrialization.
"The priority for that now is to industrialize the country. We have a very strong industrialization program, which is supported 100 percent by the current government. Once that is achieved, then the economy of the country will grow, and we expect to reach the middle income country [goal]," he added.
Lukwaro expressed confidence that the task was feasible, noting that foreign investors could significantly contribute to the process.
"Actually we are inviting all countries around the world to join us, and already we have several European, Asian countries, like China, who are there with us," he said.
In the Rwandan capital of Kigali in March, 44 African countries signed an agreement that provides for the establishment of a Continental Free Trade Area, which is aimed at increasing trade among African countries by 60 percent by 2022. The African Union-brokered agreement is set to create a single market for goods and services on the continent, with free movement of businesspeople and investments.
Tanzania is one of Africa's fastest growing economies and has managed to sustain relatively high economic growth over the last decade � some 6-7 percent per year � and significantly improve social indicators. In 2017, growth was supported by expansion in the industrial and agriculture sectors. According to the Development Vision 2025, Tanzania should create a strong, competitive and diversified economy, as well as ensure quality of life and education for its population by 2025.
