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Enabling Investment Climate for More Rapid and Inclusive Growth: DP Commentary

Enabling Investment Climate for More Rapid and Inclusive Growth: DP Commentary. by CWG1 Co-Chair, Yuzuru Ozeki/ JICA at the GBS Annual Review 2008 on 25 th November 2008. Overview (1).

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Enabling Investment Climate for More Rapid and Inclusive Growth: DP Commentary

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  1. Enabling Investment Climate for More Rapid and Inclusive Growth: DP Commentary by CWG1 Co-Chair, Yuzuru Ozeki/ JICA at the GBS Annual Review 2008 on 25th November 2008

  2. Overview (1) • Preliminary World Bank’s ICA Report 2008 indicates that the constraints on the investment climate identified in 2003 report, namely inadequate power supply, high tax rates and cumbersome administration, corruption, and access to finance remain little changed. • The report highlights the large informal sector as a serious constraint on the business and investment climate through high business costs, limited access to bank credit, unfair competition, raising the tax burden on the formal sector.

  3. Overview (2) • The key to formalizing the informal sector that presumably provides livelihoods for a large part of the urban poor is strengthening the business and regulatory framework. • The Business Environment Strengthening in Tanzania or BEST program aims to establish the basic regulatory framework.

  4. Analysis:Legal and regulatory environment for business Components of the BEST programme: • i. Business Entry, Regulation and Exit • ii. Land Administration Reform • iii. Commercial Dispute Resolution • iv. Labour Law Reform • v. Strengthening the Tz Investment Centre • vi. BEST Management and Institutional Support • vii. BEST Zanzibar (Sub-programme) Progress on implementation of components i, ii, iii and iv: disappointingly slow

  5. PAF 2008 • Implementation of BEST has been disappointingly slow • In PAF 2008 BEST Review (an Underlying Process) has been rated unsatisfactory, and Doing Business Ranking (an Outcome Indicator) not achieved.

  6. Way forward • Reconfirmation of Government commitment at the highest level • Fast track on going reforms in: • Commercial Disputes resolution • Lands & Business Registration and Licensing • Reconsideration of BARA • Strengthen Public Private Dialogue including Infrastructure Roundtable • Establishing an integrated annual review process

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