The European Union invests Sh63.5 Billion in Tanzania’s economy.

Three important projects aimed at improving Tanzania’s economic environment have received a substantial €23 million (almost Sh63.5 billion) injection from the European Union (EU).

The objectives of this well-timed investment include quality assurance, regulatory reform, and the empowerment of micro, small, and medium-sized businesses (MSMEs).

Dr. Tausi Kida, the Permanent Secretary at the President’s Office-Planning and Investment, praised the implementation of the blueprint for its success.

Businesses now find it simpler and less expensive to operate because to the astounding 374 taxes and charges that have been removed since 2017. In addition, to promote a more favorable business environment, 55 legislation and regulations pertaining to important industries like energy, tourism, and agriculture have been modified.

UNIDRO’s Qualitan initiative is bolstering Tanzania’s Bureau of Standards (TBS) and preparing micro, small, and medium enterprises (MSMEs) to fulfill global quality requirements.

Nine laboratories will be established and outfitted in Dar es Salaam and five in Dodoma as part of the program, allowing TBS to offer effective quality assurance services.

Tanzania’s future generation of entrepreneurs are being nurtured by the UNDP-backed Funguo initiative. It has expanded to almost 1,800 creative youth-led businesses by 2023, giving Sh4 billion to 43 excellent projects. 4,000 new jobs for young Tanzanians have been directly and indirectly produced by this support, demonstrating the program’s ability to unleash the potential of youth-led enterprises.

The European Union is still determined to assist Tanzania’s business expansion. In order to guarantee that seed-funded businesses may thrive and develop into independent, sustainable operations, Mr. Cedric Merel, the EU’s head of Cooperation, stressed the importance of ongoing cooperation.

Both Mr. Victor Djemba, Chief of UNIDO’s Africa regional division, and Mr. Shigeki Komatsubara, resident representative of UNDP, echoed this sentiment, pledging their partnership with the government and the EU in driving Tanzania’s economic development, particularly through empowering young entrepreneurs and MSMEs.