BUSINESS & THE ECONOMY

INVESTMENT CODE READY
Tanzania’s new Investment Code drawn up by the government has finally been agreed after amendments insisted on by the CCM Party designed to stress the motivation of Tanzanians to invest in their own country.

At the beginning of April the Investment Code was brought before Parliament under a Bill entitled the National Investment Promotion and Protection Bill. In the debate there were demands for more definitive laws to protect local entrepreneurs from ‘the jaws of international capitalism’, clearer definition of customs policies and land ownership, guarantees on transfer of technology, a removal of red tape, more explanation of what joint ventures meant to Tanzanians and more progress in demarcating village boundaries ‘to protect them from the risk of losing their land to foreign investors’. The Minister for Industries and Trade, Mr Cleopa Msuya said that Tanzanians should change their attitude towards work, raise their productivity and assure foreign investors that they would get their money back. The Bill was subsequently passed unanimously – Daily News.

MORE BRITISH AID
Britain has announced an additional £2.5 million assistance to Tanzania’s Economic Recovery programme. The announcement was made by Mrs Lynda Chalker, Minister for Overseas Development during a dinner on March 5th 1990 hosted by Tanzania’s former Minister of Finance, Mr Cleopa Msuya. The sum is additional to the £15 million pledged by Britain during the consultative group meeting in Paris in December last year. The visiting Minister commended efforts being made by the Tanzanian Government towards economic recovery and pointed to the increase in agricultural and industrial output which had been achieved. The £2.5 million would be used for provision of human drugs and buses for urban transport and was in response to an urgent request from the government.

Mrs Chalker visited the Mnazi Mmoja Hospital, the Malawi dry cargo facilities at the Dar es Salaam port and the Kisimbani Clove research Station in Zanzibar.

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