Tanzanian President, John Magufuli, invited development partners and other countries, to support his industrialisation drive.
The industrialisation drive was aimed at achieving for the country, the second largest economy in East Africa, a middle income status by 2025.
Addressing a New Year Diplomatic Sherry Party at State House, Magufuli said, he was optimistic that by 2020 Tanzania's economic growth would hit 10 percent annually.
"I am also optimistic that by 2020 about 40 percent of Tanzanians would get jobs in industries, and the national per capita income would be 3,000 U.S. dollars," Magufuli told diplomats, accredited to Tanzania and representatives of UN agencies and international organisations.
The president appealed to the diplomats and international organisations to bring in investors, especially in putting up industries.
He also asked the diplomats to invite investors towards the implementation of projects, such as the standard gauge railway.
The standard gauge railway project will link Dar es Salaam to Mwanza, connecting landlocked Democratic Republic of the Congo, Rwanda and Burundi.
"My government has already started constructing 300 kilometres of the standard gauge railway, starting from Dar es Salaam," said Magufuli.
He said, last year the government started to implement its five-year (2016-2021) development plan, which is expected to cost 55.5 billion dollars.
Magufuli said, out of this amount, the government of Tanzania will release 29.5 billion dollars and the remaining will be given by development partners.
The Tanzanian government has increased development budget from the previous 26 percent to 40 percent this year, according to the president.
Source: NAM NEWS NETWORK