CEOrt: Private sector key to trillion – dollar economy
DAR ES SALAAM: PRIVATE sector has been urged to spearhead the country’s drive toward a 1 trillion US dollar economy by 2050, with business leaders calling for greater investment, innovation and stronger public-private collaboration to achieve the goal.
The call came during a strategic dialogue organised by the CEO Roundtable of Tanzania (CEOrt), where the business lobby unveiled its new five-year strategy following the completion of its 2022–2025 Strategic Plan.
Speaking at the event, CEOrt Executive Director, Mr Santina Benson said Tanzania’s Vision 2050 places significant responsibility on the private sector, which is expected to contribute about 70 per cent of the country’s long-term economic transformation.
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“There have been many bold statements about the private sector contributing 70 per cent to Tanzania’s economy by 2050 and helping build a onetrillion-dollar economy,” Benson said.
She added: “The real question is whether we fully understand what it will take to achieve that ambition and what is expected from all of us.” She said businesses must translate commitments into measurable action by increasing productive investment, supporting reforms that improve the business environment and adopting responsible business practices that promote sustainable growth.
According to Benson, CEOrt’s new strategy is anchored on six priorities aimed at strengthening policy engagement, delivering greater value to members, promoting responsible corporate leadership and expanding economic opportunities for women and young people.
Entrepreneur and Kaypee Motors founder Ali Masoud, popularly known as Kipanya, said Tanzania should create an environment that allows citizens to prosper at home instead of seeking opportunities abroad. He said countries around the world are competing to attract investment and skilled talent, making it essential for Tanzania to strengthen institutions, improve services and encourage innovation.
“When Tanzanians leave in search of opportunities elsewhere, it challenges us to ask, why,” Masoud said. “If other countries offer better systems and greater opportunities, what must we do differently to make Tanzania a place where our people can thrive?” Masoud added that the private sector should measure its success not only by profits but also by its contribution to improving livelihoods.
Earlier, CEOrt Board Director, Mr David Nchimbi said the organisation’s new strategy builds on progress achieved under the previous plan while positioning it to play a stronger role in supporting Tanzania’s long-term development agenda.
He said the forum offered members and partners an opportunity to assess achievements, exchange ideas and define priorities for the next five years, reaffirming CEOrt’s commitment to strengthening publicprivate dialogue and promoting responsible business leadership as Tanzania advances implementation of Vision 2050.
