ITELEXPO 2013 Africa IT,Electronics & Telecom Exhibition Tanzania

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Diamond Jubilee Hall
Tanzania Economy

Important information about Tanzania and Africa

Tanzania MapTanzania is regarded as one of the countries with the highest growth potential in Africa with enormous potential as an investment destination. It is one of the most promising emerging markets in the region, offering a unique combination of developed economic infrastructure and a vibrant emerging market economy.

Tanzania today is a land of countless business opportunities. Over the past two decades, it has been transformed from a centrally planned economy to a market oriented system through successful implementation of legal, regulatory and institutional reforms. The Government has encouraged private sector led growth through restoration of market forces and less interference in commercial activities. Overall, the reforms have resulted into positive growth trends and impressive macro-economic indicators with inflation rates falling from 27.4% in 1995 to about 7% in 2007. Real GDP growth has averaged more than 7% during the last five years.

Main sectors
Agriculture: The share of agriculture is 25.8% of the total GDP. Crops account for almost 34.6 % and livestock almost 6.0%. However, the share of agriculture has been declining since the 1990s as a result of considerable growth in other sectors such as mining. Major cash crops include coffee, cotton, tea, tobacco and cashew nuts as well as horticultural and floricultural products. Main food crops are maize, rice, pulses and wheat.

Tanzania Port Mining: Major minerals include gold, diamonds, and base metal such as nickel, cobalt and copper. Gem-stones (ruby, sapphire and tanzanite), iron ore and coal. It is the continent's third largest gold producer after South Africa and Ghana. Mining is the fastest-growing sector in Tanzania in terms of its share of exports which stands at around 48.2 percent.

Manufacturing: Main industries include those for cement, beverages, corrugated iron sheets, iron and steel products, cigarette, plastic and textile products. There is increasing evidence that the manufacturing sector is recovering with its contribution to real GDP growing by 7.8 percent in 2007.

Tourism: Tanzania is the only country in the world to allocate more than 25% of its total area to wildlife parks and game reserves. It has 14 national parks, 17 game reserves, 50 game-controlled areas, a conservation area, two marine parks and two marine reserves.

ICT: In little more than 6 years, the six private operators for mobile telecommunications have about 10.4mn subscribers in 25 cities. Several foreign companies, such as Zain, Vodacom, Etisalat and Millicom have already invested in Tanzania and attest to the enormous growth potential of the sector. However, Tanzania's tele density is still low, with the number of fixed and mobile cellular lines currently standing at 250 telephone lines per 1000 people.

Tanzania CurrencyTanzania is an economy increasingly oriented towards manufacturing and export. In 2007, the manufacturing sector grew by 8.7 percent compared to 8.6 percent in 2006, while the contribution of the sector to real GDP grew by 7.8 percent in 2007. The increase in growth was mainly attributable to increased production in sectors such as cement, beverages, corrugated iron sheets, steel products, cigarette, plastic products and textile. Tanzania's manufacturing sector is already well integrated into the regional economy. The value of exports of manufactured goods increased by 58.0 percent to US$ 309.2mn in 2007 from US$ 195.8mn in 2006 mainly comprising of plastics, metals and apparels going to neighbouring countries of Rwanda, Burundi and the Democratic Republic of Congo.

Tanzania offers a well-balanced and competitive package of fiscal incentives in comparison with other African countries. Aiming at providing competitive fiscal regime on foreign trade, Tanzania has signed double taxation treaties with Denmark, India, Italy, Norway, Sweden, Kenya, Uganda, Zambia and Finland. Countries with which negotiations are continuing include South Africa, Republic of Korea, Zimbabwe, United Arab Emirates, Russia, Seychelles, Mauritius, Egypt, Yugoslavia and Oman.

Tanzania CityInvestments in Tanzania are guaranteed against nationalization and expropriation. Tanzania is a signatory of several multilateral and bilateral agreements on protection and promotion of foreign investment. Among other international agreements and membership, Tanzania is a member of Multilateral Investment Guarantee Agency (MIGA) and International Centre for Settlement of Investment Disputes (ICSID).

Tanzania's untapped natural resources offer a wide range of investment opportunities; arable land, minerals and natural tourist attractions are all awaiting potential investors. Tanzania is internationally renowned for its abundance of wildlife attractions and unexploited mineral reserves. These sectors (Mining and Tourism) are the leading recipient of foreign investment flow and are tipped to become the "growth sectors" of the economy.

Tanzania SafariTanzania had been carrying out successful economic and structural reforms, which have improved economic performance and sustained growth. These achievements are based on solid foundations of political and economic reform undertaken by the Government since 1986, placing Tanzania in a position where a prolonged period of high GDP growth rates is expected. In addition, Tanzania has a stable fiscal regime with sustainable level of inflation. Under its economic recovery program, Tanzania increased revenue streams and substantially reduced spending. Continuous decline in the rate of inflation is mainly the result of prudent fiscal and monetary policies.

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