Tanzania: Govt Banks On Mid-Sized Firms for Industrialization

Posted on :Tuesday , 20th September 2016

Dar es Salaam — The government expects the private sector to boost the country's industrialisation drive and achieve its goal of becoming a middle income economy by 2025.

Permanent Secretary in the ministry of Industry, Trade and Investments Adelhelm Meru delivering a speech at the gala dinner for this year's Top 100 Mid-Sized Companies on Friday night said small and medium sized enterprises (SMEs) were regarded as the vehicle for industrialisation by the government.

"Our growth highly depends on you. Let us work together to transform our country into a middle income economy," Dr Meru told guests who were eagerly waiting to know winners of this year's Top 100 Mid-Sized Companies.

Speaking on behalf of Industry and Trade minister Charles Mwijage, who was in Kagera Region to visit the victims of the earthquake, highlighted challenges affecting business operators. He listed some of the pending challenges as limited access to credit, the high cost of doing business and the low capacity to raise capital for sound business operations.

Dr Meru said the Business Registration and Licensing Agency (Brela) was set to start electronic registration of businesses soon.

In his welcoming remarks, Mwananchi Communications Limited (MCL) managing director Francis Nanai said the event coincided with the 12th birthday of The Citizen newspaper, one of the products of MCL, which was the brain behind the event in the country.

"We are happy also to celebrate the birthday of The Citizen today, which is regarded as the most trusted English daily in the country. According to a recent survey by Synovate, The Citizen is the most reputable newspaper," said Mr Nanai.

Chief executive officer designate for Bank M, Ms Jacqueline Woiso, said, "This initiative has been here for six years. Every year we witness an increase in the number of participants. We encourage more local companies to participate," she said.

According to her, during this year's survey for Top 100 Mid-Sized companies there were more than 200 applicants, but those who filled in forms for screening were 175 participating companies.

The finance and research manager of the Dar es Salaam Stock Exchange (DSE), Mr Ibrahim Mshindo, said the event matched the vision of DSE which is increasing capacity of SMEs in raising capital needed to run vibrant businesses.

Mr Mshindo called upon participants to use the DSE platform for expanding capital through IPOs and to promote the culture of good corporate governance.

John Mbele head of sales for Azam Media, said the organisation was committed to supporting the event by providing marketing and advertising services to participating companies at a discount.

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