The President of Tanzania John Pombe Magufuli has backed-up the vitality of the private sector in the country and has affirmed the sector of his unwavering support to steer it to greater heights. The Head of State reiterated his support playing out the importance of the private sector in any given country. He acknowledged their contribution to the economy and their potential to help the Government achieve its objectives.
Their social and economic involvement in the growth and development of the state can not go unnoticed as it has created employment opportunities to the citizens and rakes in bountiful harvests for the nation. It is one of the the reason why the Government rolled out plans to create a conducive business environment directed by business policies to curb short and long term challenges faced in the business spectrum to build a sustainable business ecosystem for private companies and investors as well.
From the revenues and taxes the Government has accumulated courtesy of the sector, the Government has been able to fund its development programmes and invest in other projects for the benefit of the state.
Ethiopia must have borrowed a leaf from Tanzania when it opened the gates of its economy to the private sector. A number of firms had anticipated such business opportunities and now even more investors are flying to the country to have a piece of the mouthwatering market with great potential to give them massive returns. It opens ways to competition and innovation in a bid to better the economy.
Moreover, President Magufuli has ignited the hopes of investors urging them to set up their businesses in the country, as the Government make structures to accommodate the dynamism of the business environment. He has challenged big businesses to step in as the country is a good investment hub in East Africa. The President is determined to make a significant change towards the welfare of Tanzanians, urging them to keep their focus.