Business, investment reforms drive Dira 2050

DAR ES SALAAM: TANZANIA will rely on sustained business and investment reforms to implement the Tanzania Development Vision 2050, with the government saying the country’s economic transformation has created a strong foundation for achieving its long-term development goals. Improved investor confidence, rising foreign investment and growing fiscal self-reliance are among the gains expected to accelerate implementation of the Vision, the Minister of State in the President’s Office (Planning and Investment), Prof Kitila Mkumbo, said yesterday. Speaking during the launch of the implementation instruments for the Tanzania Development Vision 2050 at the State House in Dar es Salaam, Prof Mkumbo said the achievements reflect the successful implementation of President Samia Suluhu Hassan’s economic reform agenda. He said that in her maiden address to Parliament in 2021, President Samia identified improving the business and investment climate as one of the government’s top priorities to restore investor confidence, attract quality investments and accelerate economic growth through greater private sector participation. “Over the past five years, under the leadership of President Samia Suluhu Hassan and Zanzibar President Dr Hussein Mwinyi, Tanzania has undertaken far-reaching reforms that have strengthened investor confidence, improved the investment climate and opened up the economy,” Prof Mkumbo said. He said the reforms have earned international recognition, citing the 2026 World Investment Report by the United Nations Conference on Trade and Development (UNCTAD), which acknowledged Tanzania’s progress in investment governance. According to the report, the merger of the Tanzania Investment Centre (TIC) and the Export Processing Zones Authority (EPZA) to form the Tanzania Investment and Special Economic Zones Authority (TISEZA) has strengthened the country’s investment competitiveness. “The report identifies Tanzania as one of the leading investment destinations in East Africa and among Africa’s top performers in attracting international capital,” he said. Prof Mkumbo said Tanzania’s accumulated foreign direct investment (FDI) stock has reached 21.7 billion US dollars, underscoring growing investor confidence. ALSO READ: Mwigulu champions private sector, unveils major investment reforms in Dodoma He also cited the latest The Big Deal Africa report, which ranked Tanzania as the fifth-largest destination for startup investment in Africa during the first half of 2026 after attracting 52 million US dollars in startup funding. The ranking places Tanzania second in East Africa behind Kenya. “Just a few years ago, startups were hardly recognised in Tanzania. Today, we are the second-largest startup investment destination in East Africa and fifth on the African continent,” he said. The report also recognised Tanzania as a continental leader in attracting investment in financial technology (fintech), agricultural technology (agritech) and clean energy technology, while CRDB Bank, NMB Bank and NBC Bank were identified among financial institutions supporting startup financing. Prof Mkumbo said implementation of Vision 2050 will also be underpinned by the country’s growing fiscal independence.