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Tanzania to boost coffee production

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The Tanzania Coffee Board said it has started taking measures aimed at boosting production of the crop from the current 70,000 tons annually to 300,000 tons annually by 2025.

The Tanzania Coffee Board (TCB), a government organ mandated to regulate the coffee industry in the east African nation, said on Sunday it has started taking measures aimed at boosting production of the crop from the current 70,000 tons annually to 300,000 tons annually by 2025.

Aurelia Kamuzora, TCB board of directors’ chairman, said TCB was working with coffee stakeholders in the country to ensure that the target of producing 300,000 tons of the crop annually by 2025 is achieved.

A farmer harvests fresh coffee beans in Arusha Region, Tanzania, on Sept. 15, 2020. (Xinhua)

Speaking at the climax of a three-day coffee festival in Tanzania’s northern municipality of Moshi on the foot of Mount Kilimanjaro, Africa’s highest mountain, Kamuzora said the board has already started increasing the availability of coffee seedlings in large quantities for coffee growers.

Adolf Mkenda, the Minister for Agriculture, said the Tanzania Coffee Research Institute (TaCRI) has already shown success in producing coffee seeds that can withstand drought conditions.

Mkenda called on financial institutions to support the government in efforts aimed at boosting production of the cash crop.

In April, this year, President Samia Suluhu Hassan, directed the Ministry of Agriculture to increase production of strategic crops, including coffee, to enable the country earn the much needed foreign currency through exports.

DAR ES SALAAM, Oct. 4 (Xinhua) 

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Maldives records USD 802.2 million in first four months

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The Ministry of Finance has disclosed that the state received USD 802.2 million in revenue during the first four months of this year, marking a significant 4.2% increase compared to the same period last year.

This revenue breakdown comprises USD 660 million in tax revenue, USD 129.4 million in non-tax revenue, and USD 5 million in aid to administration.

Tax revenue is primarily derived from Import Duty, Business and Property Tax (BPT), and Goods and Service Tax (GST), with figures as follows:

– Import Duty: USD 60.3 million
– BPT: USD 168.2 million
– GST: USD 375.2 million
– Green Tax: USD 27 million
– Airport Service Charge and Departure Tax: USD 25.1 million

Moreover, financial data indicates that the current administration has notably reduced overall expenses compared to the previous year.

Total government expenditures for the first four months of this year stand at USD 925.1 million, a significant decrease from last year’s USD 1.04 billion. This includes USD 724.6 million in recurrent expenses and USD 194.1 million in capital expenditure. Recurrent expenses prominently consist of USD 284.7 million in salaries and allowances and USD 433.4 million in administrative expenses, while capital expenditures primarily involve infrastructural development projects.

Source(s): PsmNews

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CWEIC office to establish in Maldives, Janah as Chair

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Commonwealth Enterprise and Investment Council (CWEIC) has announced decision to establish its office in the Maldives, and appoint President Dr. Mohamed Muizzu’s Principal Advisor Mohamed Ali Janah as its Country Chair.

CWEIC in a statement on Thursday, said the office will be established to connect the Maldives government with international investors and businesses.

The Maldives hub office of CWEIC will play a vital role in seeking prospective investment opportunities from all 56-member nations of the Commonwealth. The office will also enhance strategic alliances and partnerships between these countries and the Maldivian government.

Veteran entrepreneur, Janah boasts of over 30 years of business relations with the Middle East.

Source(s): sun.mv

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Dubai company awarded the development of SEZ

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An agreement has been signed by the Maldivian administration with UAE’s International Free Zone Authority (IFZA) to develop Special Economic Zones (SEZ) in the Maldives.

The agreement, officially co-signed by Minister of Economic Development and Trade Mohamed Saeed and IFZA Chairman Martin Gregers Pedersen during a special ceremony, marks a significant milestone in economic development.

Speaking at the ceremony, Minister Saeed emphasized the timeline for finalizing the agreement, committing to reach a consensus within the next four months. As part of the agreement, Fonadhoo in Kaafu Atoll will be transformed into a financial hub, featuring a new financial center and a bridge connecting Male’ and Hulhule. IFZA will bear the expenses for these developments.

The Ministry of Economic Development and Trade further highlighted plans for the Economic Gateway project in Ihavandhippolhu, aiming to attract investors with IFZA’s expertise. Addressing the attendees, Chairman Pedersen expressed confidence in the success of the project, underscoring collaborations with investors to further enhance opportunities in the Maldives.

The development of SEZs remarkably aligns with the President Dr. Mohamed Muizzu’s vision to diversify the economy and stimulate financial growth. The Maldivian administration is optimistic about attracting future investments and positioning the country as a desirable destination for business opportunities.

Source(s): PsmNews

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