SOCIAL security funds plan to establish at least 25 industries countrywide and create over 300,000 jobs for Tanzanians, the government declared here yesterday.
The Minister of State in the Prime Minister’s Office, Policy, Parliamentary Affairs, Labour, Employment, Youth and People with Disabilities, Ms Jenista Mhagama, said the government was determined to achieve the industrial based economy through serious public and private investments.
Speaking at Nguru Hills Ranch Meat Processing Plant in Mvomero District here, Ms Mhagama was upbeat that the new jobs will trim down unemployment rate and add on new members to the pension funds. She said the unemployment rate, currently at 10.3 per cent of the population, will decline once the industries start operating.
“It has since been agreed that there is need to look for a partner or investor to inject funds to enable the facility start operations,” she said.
“Already, LAPF Pension Fund has agreed to pump in the required amount of funds to complete the construction works for the plant to start meat processing in the next six months,” she explained, assuring that LAPF investment in the meat factory will be guided by the legal requirements under the Social Security Regulatory Authority (SSRA).
“This is to ensure that members’ contributions are invested carefully in a manner that will benefit the funds and public,” she stated.
She appreciated the financial boost by the pension scheme towards allowing the processing facility to begin operations in the next six months and eventually reduce unemployment problem through job creation.
“It is our hope that the factory will also check conflicts pitting farmers against livestock keepers since the pastoralists will have a readily available and lucrative market for their cattle and peasants get opportunity to establish pastureland for livestock,” she observed.