SADC Industrialization Week to help ease regional trade

The fourth annual SADC Industrialization Week is set to kick off next week in Dar-es-Salaam, Tanzania, under the theme 'A conducive business environment for inclusive and sustainable industrial development'. The week-long event aims to explore the SADC Industrialization Strategy and Roadmap, with a focus on identifying projects for joint implementation by the public and private sectors across SADC member states. Tanzanian Minister of Industry and Trade, Innocent Bashungwa, shared insights on Tanzania's industrialization journey and efforts to enhance regional trade during an interview with CNBC Africa. Minister Bashungwa highlighted Tanzania's commitment to creating an enabling business environment and attracting investments to drive industrialization. The country has implemented a blueprint to address policy and regulatory barriers hindering business operations and factory establishment. Notably, Tanzania has already eliminated 50 costly tax and non-tax items in the 2019-2020 fiscal budget and plans to introduce new laws in Parliament to further enhance the ease of doing business. These initiatives aim to improve Tanzania's ranking in the World Bank's annual 'Doing Business' report. Discussing the impact of regional blocs on trade, Minister Bashungwa emphasized the importance of intra-African trade and the potential for SADC and East African countries to optimize trade opportunities within their respective blocs. While the African Continental Free Trade Area presents vast prospects, the minister underscored the need to maximize trade potential within existing regional blocs before fully engaging in continental trade. In terms of easing regional trade, Tanzania is heavily investing in public infrastructure projects, including a modern standard gauge railway connecting key economic centers like Dar-es-Salaam, Mwanza, and Kigoma. This railway network will extend to Rwanda and Burundi, enhancing connectivity in the region. Tanzania is also expanding its hydropower capacity by adding 2100 megawatts to the national grid, bolstering energy supply for industrial activities and economic growth. The country's investment in infrastructure, vibrant airline industry, and facilitation of cross-border trade aim to position Tanzania as an attractive hub for investment, business, and trade within the East African and SADC regions. As the SADC Industrialization Week approaches, Tanzania's focus on enhancing industrial development, fostering regional trade, and leveraging its strategic location with access to the sea underscores the country's commitment to economic growth and collaboration within the SADC region. The minister's insights shed light on Tanzania's proactive steps towards industrialization and regional integration, creating opportunities for economic development and job creation in the region.