The Tanzania Private Sector Foundation (TPSF) Board has been urged to collaborate with the Ministry of Investment in Prime Minister’s Office in amending the 1996 investment policy and 1997 investment law in a bid to improve business and investment environment in Tanzania.
Speaking during the 19th TPSF Annual General Meeting (AGM) held on September 28th 2019 in Dar es Salaam, the Minister for Investment, Ms Angella Kairuki said there is an urgent need for TPSF to participate on the matter in question so as to find solution on various challenges related to business and investment.
She said that policies and laws governing the sector would not only focus on foreign investors but also the local investors and how to support them to grow.
I hope that TPSF will be patriotic enough to ensure most of the local investors participate fully. This is the reason why we want amendments in our policies and laws to make sure that local investors are prioritized in the country.
Ms Kairuki pointed out that the government recognizes and honors the public private partnership and acknowledges the presence of TPSF as an umbrella for private sector, adding that TPSF also deserves applause for becoming the new chair of the Southern African Development Community (SADC) Business Council.
I would like to take this opportunity to commend TPSF for cooperation with the government. It is important to recognize that the 21st-century economy needs both public and private sector to prosper, we hope that TPSF will continue to do better”, she said.
The Minister reminded TPSF of the importance to implement directives issued previously by President John Magufuli of expanding its scope by opening up branches upcountry, adding that TPSF must also be gender sensitive by making sure that women are involved and sensitized to grab business opportunities so as to achieve the 2025 middle income and industrialization goals.
She added that widening the scope of TPSF and women involved were key issues that would help in strengthening the institution, adding that an increase in creativity was also key in success.
Ms. Kairuki noted that the government has earmarked key areas of interest for the private sector which includes the establishment of industries in the country, developing and strengthening bigger projects of infrastructure as well as taking part in amending policies and laws governing the sector.
The TPSF Chairman, Mr. Salum Shamte said the meeting was a success and thanked the government for continued support promising to work on all the suggestions and directives from the government and give feedback.
Sincerely as an organisation we are thankful to the government for the way in which it has extended its support to us in making sure that the challenges we face are solved for improved business and investment conditions.
On his part, TPSF Executive Director, Mr Godfrey Simbeye also thanked the ministry for the opportunity to participate in the amendment of policies and laws governing the sector, adding that when effected the changes would go a long way in addressing challenges now being faced by the sector.