Dar es Salaam. Tanzania will specifically tackle five issues as it embarks on the implementation of its new trade policy, the Deputy Prime Minister said yesterday.
Gracing the launch of the new Trade Policy, Dr Doto Biteko named some of the issues that the country will have to tackle, such as raising value addition to local products and enhancing the competitiveness of Tanzania’s exports.
He said Tanzania has had a 2003 policy that had been overtaken by events, and the new one, among other things, is expected to increase the competitiveness of Tanzania’s products.
“It will promote value addition in our industries to increase employment,” he said.
The policy, said Dr Biteko, will also enable trade facilitation to strengthen regional relationships and sustainable, inclusive trade.
He emphasised the importance of using the policy to eliminate trade barriers and establish a legal framework aimed at strengthening and promoting trade, urging government officials to abandon practices that hinder progress.
“A government official must recognise that their respect in the office is to ensure they facilitate business and enable people to profit, not to frustrate them. There are people whose only aim is to obstruct and frustrate others,” he said.
He noted that the contribution of the trade sector to Tanzania’s economy was still small, thus highlighting the importance of using the policy to simplify business processes and increase its contribution to the national income.
“People complain a lot that our policy is outdated. Now that we have made changes, it’s time to show the world that we have reformed and are keeping up with global pace,” he said, adding, “A policy is just a document, and if it exists without people of good intention to implement it, it will remain just a storybook. Therefore, we must change our mindset and our thoughts.”
He urged all businesspeople in the country to understand that the government was theirs and that it wants to see them benefit from the businesses they do.
However, he warned those with the habit of evading taxes to stop because it denies the country its rightful revenues.
In his remarks, the minister for Industry and Trade, Dr Selemani Jafo, said the policy was made possible with the help of various stakeholders, including diplomats from different countries and TradeMark Africa.
“Many stakeholders have been involved, and our goal was to ensure we get a policy that reflects the current reality. Through this policy, we expect to significantly increase exports, including to African markets,” he said.
Speaking during the event, the Norway Ambassador to Tanzania, Tone Tinnes, said the private sector has shown its capability to drive modernization through creativity, innovation, and the skills and technology necessary to propel Tanzania forward.
She said in recent years, Tanzania has witnessed a new dynamic.
The government’s push to enhance trade, attract investment, and improve the business climate is commendable.
She said recent trade data shows that Tanzania is now increasing its exports again, with regional trade opportunities significantly contributing to this growth. Foreign Direct Investment (FDI) is also increasing.
She said regional trade and investment opportunities are expanding. While trade barriers have been reducing, intra-regional trade is still lower than optimal, and there is a huge potential to increase.
“Studies show that Tanzania has had a revealed comparative advantage in manufacturing (mainly agriculture-related), both within East Africa and in some areas also across the broader African continent. Today, Tanzania is getting an up-to-date trade policy aimed at enhancing its competitiveness regionally and globally,” she said.
She said a thriving business community needs consistent, transparent, and fair regulatory frameworks, simplified procedures, including taxation, and structured, high-quality consultations between the private and public sectors to prevent, discuss, and resolve issues.
“A skilled labour force, which, if complemented with deliberate measures to make trade more inclusive, will also enhance efforts on reducing poverty in Tanzania. We are seeing impressive growth both in domestic and foreign investment pledges,”
“Tanzania Investment Centre reports an increase to $6.5 billion for the last financial year. And we look forward to seeing the realisation of your ambitions to reach 1,000 projects registered and $8.5 billion in investment pledges for the next year,” she said.
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Tanzania’s opposition party ACT Wazalendo honours veteran politician under new policy
Unguja. Opposition party ACT Wazalendo today officially bids farewell to its former Chairman, Juma Duni Haji, also known as Babu Duni, as part of a new policy designed to honor retired senior leaders at a ceremony held at Kiembesamaki, Zanzibar.
The initiative highlights the party’s commitment to recognizing and supporting individuals who have served with dedication and integrity.
Babu Duni, who stepped down earlier this year, was succeeded by Othman Masoud, now the First Vice President of Zanzibar.
The policy aims to provide ongoing respect and support to retired leaders, ensuring their continued recognition and contribution to the party’s development.
“Recognizing their significant contributions to the development and prosperity of the party, this policy ensures that retired leaders continue to be acknowledged and respected by both the party and the community,” the policy states.
To benefit from this policy, leaders must not have left or been expelled from the party. They must have served the party with honor and dedication. The national leadership committee will determine whether a leader has fulfilled these criteria.
The policy seeks to honor retired leaders, protect their dignity, acknowledge their contributions, leverage their ideas for the party’s growth, and support them to the best of the party’s ability.
In honoring these leaders, the party will provide a vehicle, the type of which will be determined by the national leadership committee. Additionally, they will receive a monthly allowance, with the amount also set by this committee.
Other benefits include health insurance. If a leader does not own a home, the party will cover their rent at a rate decided by the committee.
The leadership committee may also grant special recognition based on the leader’s contributions. Retired leaders will participate in decision-making meetings according to procedures outlined in the party’s constitution.
Depending on the party’s resources at the time, the policy may also apply to retired deputy chairpersons for both the mainland and Zanzibar, the Secretary-General, Deputy Secretary-General for both mainland and Zanzibar, and the party’s Attorney General.
Additionally, leaders, executives, or members with exceptional contributions to the party’s protection, advocacy, and defense may also benefit, as determined by the leadership committee.
Currently, those who are eligible for benefits under this policy include Juma Duni Haji (retired party Chairman) and Zitto Kabwe (retired party leader).Continue Reading
Britam half-year net profit hits Sh2bn on higher investment income
Insurer and financial services provider Britam posted a 22.5 percent jump in net earnings for the half-year ended June 2024, to Sh2 billion, buoyed by increased investment income.
The rise in half-year net profit from Sh1.64 billion posted in a similar period last year came on the back of net investment income rising 2.5 times to Sh13.27 billion from Sh5.3 billion.
“We are confident in the growth and performance trend that Britam has achieved, supported by its subsidiaries in Kenya and the region. Our business is expanding its revenue base while effectively managing costs,” Britam Chief Executive Officer Tom Gitogo said.
“Our customer-centric approach is fueling growth in our customer base and product uptake, particularly through micro-insurance, partnerships, and digital channels.”
The investment income growth was fueled by interest and dividend income rising 34 percent to Sh9.1 billion, which the insurer attributed to growth in revenue and the gains from the realignment of the group’s investment portfolio.
Britam also booked a Sh3.79 billion gain on financial assets at a fair value, compared with a Sh1.8 billion loss posted in a similar period last year.
The increased investment income helped offset the 12.7 percent decline in net insurance service result to Sh2.13 billion in the wake of claims paid out rising at a faster pace than that of premiums received.
Britam said insurance revenue, which is money from written premiums, increased to Sh17.8 billion from Sh16.6 billion, primarily driven by growth in the Kenya insurance business and regional general insurance businesses, which contributed 30 percent of the revenue.
The group has a presence in seven countries in Africa namely Kenya, Uganda, Tanzania, Rwanda, South Sudan, Mozambique, and Malawi.
Britam’s insurance service expense hit Sh13.6 billion from Sh11.3 billion, while net insurance finance expenses rose 2.6 times to Sh12.3 billion during the same period.
“Net insurance finance expenses increased mainly due to growth in interest cost for the deposit administration business driven by better investment performance. This has also been impacted by a decline in the yield curve, which has led to an increase in the insurance contract liabilities. The increase has been offset by a matching increase in fair value gain on assets,” said Britam.
Britam’s growth in profit is in line with that of other Nairobi Securities Exchange-listed insurers, which have seen a rise in profits.
Jubilee Holdings net profit in the six months increased by 22.7 percent to Sh2.5 billion on increased income from insurance, helping the insurer maintain Sh2 per share interim dividend.
CIC Insurance Group posted a 0.64 percent rise in net profit to Sh709.99 million in the same period as net earnings of Liberty Kenya nearly tripled to Sh632 million from Sh213 million, while Sanlam Kenya emerged from a loss to post a Sh282.2 million net profit.
Zanzibar introduces $44 insurance fee for visitors
Visitors travelling to Zanzibar will now have to pay an insurance fee of $44 (about Sh118,360) with effect from September 1.Continue Reading
