Bravo private sector in seeing essence of working with State

Bravo private sector in seeing essence of working with State

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 that once made in February last year by Minister of State in the President’s Office in charge of Investment, Prof. Kitila Mkumbo, while speaking with Roundtable of Tanzania Chief Executive Officers (CEOs) and members in Dar es Salaam is a clear testimony that the government is committed to promoting the private sector in partnership of the country’s economic growth.
Traced back to the late President John Magufuli fully recognizing and issuing special Identity Cards to President Samia Suluhu Hassan’s regime also recognizing their potentials and designing them special areas for business, petty traders as are force to reckon with in the country’s development, and this is a clear show that building the country’s economy is a collective responsibility without leaving anyone in the cold.
In the attempt, the government has created a condusive environment, where businesses have continued to prosper, be it for a hawker, peasant, Mama Lishe (female food vendors), big and small entrepreneurs among the people in the informal sector so that all contribute in running their businesses amicably and pay tax in running the country.
That put slightly aside, the private sector is the engine of growth and globally, successful businesses through them drive growth, create jobs and pay the taxes that 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.
It is no doubt that “poverty” is a global issue and challenge which has been fighting against by all human beings for over thousands of year and to address this, the government deserves praise for realizing and embracing the private sector in its economic and social development.
“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 private enterprises along the line of the country’s comparative advantages and tap into the latecomer advantages, once said, Prof Justin Yifu Lin at Peking University.

This is because many companies in the private sector, especially the world’s largest and most brand-visible firms, have made substantial progress in operationalizing sustainability concepts by integrating these concepts into operations, strategy, and communications.

Transparency is the way forward

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Author: EDITOR

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