Emerging markets are key to development and growth of manystates economies in the world because of markets extension for their surplusdisposal. Accordingto Dimitrijevic & Mistele (2017), the emerging markets involve world states economies thatare working towards advancing in industrialization and increased growth withintheir countries. Several countries are working hard to obtain market expansionand extended market segments for more sales. More efforts must be applied bycountries to improve their economic status in an endeavor to increase newmarkets. However, the majority of the countries are still trapped in challengesto penetrating in the emerging world market due to some key reasons. Most ofthe countries are hindered to enter in the emerging markets by their politicalinstability, long time of foreign interventions, lack of insight in modernbusinesses and gradual development in industrialization. Therefore, the paperseeks to explore the future prospects of the developing countries to becomedeveloped nations choosing Tanzania as the case study.It is my conviction that developing nations will onceachieve their dreams of being among the developed states in the world.
In thiscontext, Tanzania is my case study which is located in the Eastern part ofAfrica and among the largest countries in the African continent. The history ofTanzania started before it acquired its independence from its colonialist(German) until the current state where the country is a republic. Tanzania isone of the African nation that faced numerous challenges in attaining itsindependence from their colonial masters. The resistance heightened when thecolonialist alienated their land as an important factor of production anddenying independence to the local people. Political stability is one of the keyfactors considered in investment and market expansion.
Therefore, warrebellions groups believed that independence would be achieved by fighting for freedomfrom their colonial masters. After independence in 1964, Tanzania experienced aperiod of economic recession and appropriate plans were laid down to revamp thedeteriorating economic condition. Under Julius Nyerere, the first president, heintroduced a social policy where resources were owned communally and produceshared equally to improve the people standard of living. Hence, it improvedpeople lifestyle where citizens worked together in harmony, investing inagricultural practices that improved security and promote agricultural market (Deloitte,2016).Moreover, Tanzania secures a betteropportunity to grow and develop like other industrialized nations in the world.This can be accounted by the modern form of improved governance and legislationthat the country has been lately experiencing to secure a great economicadvantage under the current leadership. According toBradford & Linn (2017), the rise in democraticgovernment and accountable corporate structures are the cornerstone of economicgrowth and development of a country. Poor leadership and unreliable politicalsystems lead to a rise in insecurity and unstable environment for marketexpansion that lead to an unsustainable economy.
As a result, developing countriesexperience challenges not limited to economic uncertainty and unconduciveventuring avenues that hinder development and expansion of the world market.Therefore, Tanzania is experiencing a sustainable political democracy that isfavoring its economic growth and business development. The maturity of itspolitical democracy takes a hand in establishment and amendment of economicpolicies that are favoring economic sector toward the extension of markets(Bode & Nunnenkamp, 2011). For example, reducing the rate of customs dutyto attract foreign investment will improve the country’s economy.
As a result,the democratic progress that Tanzania is experiencing opens a new face for abright future in the emerging market to all other trading members in the world.Apparently, the modern form oftechnology changes the economic accountability and transparency in businessarena (Crittenden & Albaum, 2010). The high level of transparency andaccountability in business associated with innovation is real in Tanzania inmodern days. The real-time communication and transportation of cargo inTanzania is conducted in minimal time and cost. As a result, the country isgrowing its economic efficiency by forging a close relationship with its tradepartners in the business arena. Apparently, modern technology is a cornerstonefor business to thrive in the competitive evolving world (Deloite, 2016). It ismaking the developing country to stand at a good position in securing a highcompetitive advantage for economic development. Tanzania employs technology inmost of its business processes especially in ports and other logistics centers.
For example, conveyor belts and reliable form of communication are used to makework easier especially in loading and offloading avenues in ports. Security inthe financial transaction through electronic means is taking a head in securingmoney among business partners. Due to that fact, the future of Tanzaniaeconomic set up among other developing nation at one time it will grow to adeveloped state.Consequently,the trend that Tanzania is taking in investing reliable infrastructure iscritical in the development of its economy. Infrastructure is eminent in thegrowth of the economy of any country in the world (Deloitte,2016).
Based on the economic history ofdevelopment and the nature of infrastructure in the country, Tanzania hasexpanded transport by building new roads and communication network since the 19thcentury. Modern forms of transport network and communication have supportedeconomic nature of Tanzania improving efficiency and real-time deliveries. Forexample, the Tanzania-Zambia Railway (Tazara) is assisting the country ingrowing its economic field by maintaining efficient transportation of producefrom Tanzania to Zambia and vice-versa. As a result, both countries areexploring a great opportunity in ensuring the growth of their GDP throughexports and local contribution by the country’s investors. Additionally,Tanzania will also reach the developed level because of industrialization supportedby the improving transport and communication network. The amenities are playinga great role in ensuring the materials are reaching the destination inreal-time to facilitate the production processes. Alternatively, the improvedinfrastructures are ensuring efficient transportation of finished products tothe market.
As a result, the economic development that is experienced byTanzania provides an added advantage to transform to a developed nation infuture.Apart from that,Tanzania is experiencing a comparative advantage due to a large pool of waterbodies such as lakes and rivers that are harnessed to generate enough power forindustries. Power is a key factor in the industrial field and is used in processesbased to improve efficiency and just-in-time production (Mazur, 2012). Forexample, in diamond and coal mining industries located in Mwandui Tanzania,requires a high amount of power in extraction and processing of diamond fromits natural setting hence making it able to produce valuable items. As aresult, the availability of power contributes to a great extent in promotingindustrial production that improves the country GDP.
In addition, Tanzania isembracing other sustainable sources of energy such as wind and solar energyhence green production. Solar and wind energy are suitable because there areenvironmentally friendly and can be used in many processes without causing harmto both land and aquatic life. Developed nations embrace the practice to preventfurther global warming and reduce the greenhouse effects. The sustainable formof environmental conservation protect diseases associated with fossil fuelshence securing the working environment in industries. As a result, employeesare protected from health hazards hence having enough to produce more output toimprove the country GDP. Thus, Tanzania experience a considerable growth in itseconomic nature that may later transform the country into a developed nation.Finally,Tanzania will reach the level of the developed nation in future date because ofinvesting in research in its educational research centers.
In several of itsinstitutions such as the University of Dar es Salaam and the University ofDodoma invest in research to improve agricultural practices and advancedfarming. The research centers are lately concentrating in farming practicessuch as farm mechanization, use of herbicides and quality fertilizers toincrease produces and therefore substituting from traditional crude methodsthat produce low yields. As a result, Tanzania will be able to boost foodsecurity and progress towards minimizing food shortages to its people. Due tothat fact, people will have a conducive environment in production and worktowards improving the country’s GDP. The increased growth in GDP will transformTanzania to a developed nations in future on account of being proactive inmitigating food challenges in the country. However, Tanzania faces challengestowards achieving its dream as a developed nation. The problems are not limitedto lack of advanced political governance, rapid inflation, accumulation offoreign debts among others (Deloite, 2016).In conclusion,the future of the emerging markets is bright in response to the efforts appliedby the developing nation in the current time.
The future prospect of thedeveloping nations can be transformed into a reality by heavily investing inkey avenues that can boost the economic state to another level. The vast wealthof natural resources such as mineral can be a comparative advantage inachieving the future dream of a country. Tanzania is a developing nation whichenjoys a range of minerals deposits such diamond, coal and fluorspar thatincrease the country’s revenue. Apart from that, viable political governance,improved infrastructure, improved innovation, an adequate amount of power andheavy investment in research in agriculture are key elements that will lead tothe future transformation of Tanzania and other developing states to developednations.
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