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Industrialization in Tanzania: A Window of Entrepreneurial Opportunity

Industrialization in Tanzania: A Window of Entrepreneurial Opportunity
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Author(s): Nyanjige Mbembela Mayala (Moshi Co-Operative University, Tanzania)
Copyright: 2020
Pages: 17
Source title: Handbook of Research on Entrepreneurship Development and Opportunities in Circular Economy
Source Author(s)/Editor(s): Neeta Baporikar (Namibia University of Science and Technology, Namibia & University of Pune, India)
DOI: 10.4018/978-1-7998-5116-5.ch016

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Abstract

This chapter acknowledges the undeniable fact that the manufacturing sector plays a key role in the growth of any economy, and it is from this sector that Tanzania can catch up with the rest of the world. The stagnant contribution share of the manufacturing sector is linked with implementation lags on ambitious, uncoordinated plans and slow transforming economic structure, which is dominated by agriculture and competition from low priced manufactured import from Asian economies. Shifting the labor force from agriculture to manufacturing remains the best option for the country to enhance efforts towards industrialization, thus increasing the overall productivity. On the other hand, entrepreneurship and policies have a multifaceted nature and linkages with other areas, such as education and skills development, technology and innovation, finance and capacity building. Multiple new types of financial instruments can contribute to diversifying the financial solutions available to Tanzanian entrepreneurs in the process of industrialization.

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