The economy is based mainly on agriculture, even though cultivated land is limited. Export cash crops are the country's main source of foreign exchange. Diamond production is on the decline. Tanzania continues to mine salt, gold, gemstones, gypsum, iron and coal. Natural gas has recently been discovered offshore, south of Dar es Salaam.
Economic reform includes privatisation drives and the opening up to foreign investment.
This motto characterizes some of the recent government moves to woe investors. There is supportive legislation and new economic parameters for the investor. The regulatory framework has facilitated privatisation, the establishment of a stock exchange, and removal of exchange controls and free repatriation of earned income. Investment opportunities also exist in mining and oil and gas exploration. The government has revised the Investment Promotion Act of 1990.