Do Trade Potentials In Tanzania Allow A Country To Participate In Regional And Global Economies?
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The study highlighted the Tanzanian’s trade potential to participate in regional and global economies. As a country, Tanzania is with immense potentials of mineral and agricultural resources as well as other natural resources that are essential inputs in productive activities. Recently, it has experienced impressive rates of exports and economic growth. Given the country’s potentials and market opportunities articulated in ”Tanzania Development Vision 2025”, there is a miss of a country’s broad development philosophy which is reflected by a country’s development ideology. The absence of the broad development philosophy leads to policy space, diverse laws and regulations. The paper reveals that contrary to the excellent resource endowment situation, Tanzania lacks essential capacities to stimulate development. i.e., financial resources (FiR) and non-financial resources (NFiR). The former is demonstrated by the underdevelopment of the financial sectors. The latter is mirrored by gaps in entrepreneurial capacities, institutional, physical infrastructural, skills, and technological capacities. The paper concludes that, for Tanzania to be competitive in regional and global markets, it should revisit its broad development philosophy to provide a robust foundation to guide its development efforts. This should ensure a smooth flow and dynamically interrelated policies, laws, and regulations, which will be best placed to serve the country's development agenda.
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