Over 390 large-scale industries with a capital flow of $2.3 billion (Sh5.1 trillion) have been established since the fifth phase government assumed office, the Parliament was told on Wednesday.
Presenting his budget speech in the Parliament, the Minister for Industries, Trade and Investment, Mr Charles Mwijage, said the industries had created over 38,860 employment opportunities to Tanzanians.
The minister revealed that Tanzania Investment Center registered 242 new investment projects in a period between July 2016 and March 2017 worth $2 million.
“Out of 242 projects,170 are industries, and 17,385 jobs are expected to be created,” the minister told the Parliament.
The minister also revealed that a total of 1,843 small scale industries have been registered across the country in a period between July 2016 and March 2017.
The industrial sector, according to the minister, grew by 7.8% in 2016 compared to 6.5% in 2015. The sector also contributed 5.1 per cent to the GDP in 2016 compared to 5.2 per cent in 2015.
The minister asked the Parliament to approve Sh122 billion for his office in the 2017/18 financial year.
According to Mwijage, Sh42 billion is for recurrent expenditures and Sh80 billion will be used to implement development projects.
The minister reiterated that the government still believed that the private sector held a crucial role in propelling the growth of industries in the country.
Source: The Citizen