ABIDJAN, Côte d’Ivoire: TANZANIA has joined other African countries in pushing for faster industrial development through improved access to finance, stronger trade and investment links, and deeper economic cooperation across the continent.
Deputy Minister for Finance Mshamu Ali Munde, representing Finance Minister Ambassador Khamis Mussa Omar, is leading Tanzania’s delegation to the 9th Joint Meeting of the African Union (AU) Specialised Technical Committee (STC) on Finance, Economy, Planning and Integration, and the Fifth Specialised Technical Committee on Trade, Tourism, Industry and Minerals, being held in Abidjan from this week.
According to a statement issued by the Ministry of Finance, the meeting brings together ministers responsible for finance, mining, trade, industry and economic planning, alongside central bank governors, AU institutions and regional financial organisations.
The gathering is focused on strategies to accelerate industrialisation by expanding financing options, improving public debt management, strengthening domestic revenue mobilisation, developing capital markets and increasing private sector participation.
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Participants are also expected to push for reforms to the global financial system to help African countries access development financing on more affordable and favourable terms.
The meeting will further examine the impact of global conflicts on African economies, the state of industrial development across the continent, and the potential of strategic economic corridors to drive growth.
Another key focus will be strengthening intra-African trade through the implementation of the African Continental Free Trade Area (AfCFTA), which seeks to create a more integrated and competitive continental market.
“Tanzania’s participation provides an opportunity for the country to share its experience in economic management, domestic resource mobilisation and ongoing initiatives to improve the investment environment and accelerate industrial development through collaboration with the private sector,” the ministry stated.
The ministry said Tanzania’s participation is aligned with the country’s National Development Vision 2050 and the Fourth Five-Year National Development Plan, which place industrialisation and private sector participation at the heart of economic transformation.
Held under the theme “Financing Industrial Development in Africa for Sustainable Development,” the meeting underscores the continent’s efforts to develop common strategies for inclusive and sustainable economic growth.
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