Tanzania’s Philip Mpango calls for rebuilding of trust in African economies

Tanzania is making a strong case for partnerships and investments in key sectors to drive economic growth and stability in Africa. In a recent interview with CNBC Africa, the Vice President of Tanzania, Philip Mpango, highlighted the importance of rebuilding trust and fostering collaboration in the global arena. The East Africa Chamber of Commerce has secured $4 billion to support small and medium-sized enterprises and enhance value chains in the region. This move aims to boost competitiveness and promote financial literacy among African businesses. Mpango stressed the need for trust and mutual respect among nations, emphasizing the value of working together for the common good. He expressed concern over the rise of unilateralism and its detrimental impact on global relations, urging countries to adhere to the principles laid out in the UN Charter. Building trust and fostering honest communication were identified as critical steps towards a more prosperous and peaceful world. The Vice President highlighted Tanzania's message at the World Economic Forum, focusing on the importance of collaboration in agriculture and food systems. Recognizing the potential for Tanzania to become a food basket for the region and the world, Mpango underscored the need for partnerships, technology, and affordable financing to support this initiative. With Africa spending billions on food imports annually, there is a clear opportunity for the continent to achieve food security and self-sufficiency through strategic investments and cooperation. Despite the challenges posed by the COVID-19 pandemic, Tanzania has maintained robust economic growth, with projections indicating a 5.5% growth rate in 2024. Mpango identified agriculture and tourism as key sectors for further investment, emphasizing the potential for youth engagement and job creation in agribusiness. The Vice President highlighted Tanzania's attractive investment climate, citing strong macroeconomic fundamentals, political stability, and favorable ratings from international agencies. Tanzania's commitment to democratic principles and ongoing reforms to enhance the business environment demonstrate the country's readiness to welcome foreign investors and facilitate economic growth. Overall, Mpango's message at the forum encapsulated the importance of collaboration, trust, and strategic investments in driving sustainable development and prosperity in Africa.