FOR the past decade, Tanzania focused on making remarkable economic reforms, reinforcing leadership ethics and investing in human development, which among others saw the country crossing the threshold into lower middle income status, well ahead of 2025 year that had been anticipated.
The observation is a clear testimony that the government is committed to promoting the private sector in development partnership for the country’s economic growth.
Traced back to the days of the late President John Magufuli fully recognizing and issuing special Identity Cards to petty traders, as a force to reckon with in the country’s development, this is a clear show that building the country’s economy is a collective responsibility for all without leaving any group in the cold.
In the race, the government has seen the essence of teaming up with the private sector as an engine of growth that also globally creates jobs and pays taxes, which finance services and investment.
In developing countries, the private sector generates 90 per cent of jobs, funds 60 per cent of all investments and provides more than 80 per cent of government revenues. With such background, it is worth praising President Samia Suluhu Hassan for the recent meeting with the leaders of the Tanzania Private Sector Foundation (TPSF) in Dar es Salaam to discuss a number of issues on business, investment are related issues, which touch on the country’s development.
As it emerged from the meeting that she commended TPSF for efforts of working towards the vision of increasing investments for national development, it is worth noting that the government also expressed its commitment that it will continue to address challenges in the investment and business sector for the sake of building a stable and sustainable economy.
“The government is working on all setbacks facing investment; furthermore, we shall work on the suggestion to be issued from the Tanzania National Business Council (TNBC) set to be held in June this year,” said President Samia in part of the statement from the State House.
This kind of dialogue is what will make Tanzania as country walk its path and feed its population if again we are to go by Prof Justin Yifu Lin at Peking University school of thought that: “Every developing country has the potential to grow dynamically for decades, as long as the government plays the right role in facilitating the development of the private enterprises along the line of the country’s comparative advantages.”