The Agricultural Council of Tanzania (ACT), the umbrella organization that groups together agriculture private sector stakeholders, plans to increase private investment opportunities.
While officiating at ACT latest annual meeting in Dar Es Salaam, Chairman Salum Shamte, announced his intention for 2013 to increase efforts to ensure rapid development in the agricultural sector by touting private capital involvement.
The Council’s current vision is to remove the most stumbling blocks in Tanzania’s agriculture such as high land rent and taxes.
The sector contributes 23.5% to Tanzania’s GDP, more than 40% of foreign currency earnings and over 90% of the country’s food needs.
ACT meeting was also attended by the Minister of Agriculture, Engineer Christopher Chiza who reiterated the government will to see more private investment in the sector, especially under the Southern Agriculture Growth Corridor of Tanzania (SAGCOT).
The national spending for agricultural included in the Tanzanian national budget for 2012-13 saw an annual increase of 19% with a total of TZS 1,103.6 Billion (USD 688 Million) compared to 927.0 Billion (USD 578 Million) then previous year.