16 May 2011

Tanzania: Support Small Investors


Tanzania's economic success is a story that is now too commonly linked to the gold and tourism boom of the 1990s. However, for a country with abundant natural resources such as ours, plus its strategic regional location, more could be done to enhance the growth and spread the benefits to every corner of the nation.

Like in most countries, the drivers of economic prosperity are a good combination of factors of production, coupled with clear policies and strong governance. The people themselves play a big part in this success because without hard work, it is would be daydreaming for anyone to just sit on their laurels and expect to live happily forever!

That is why calls to promote local investment still resonate decades later following the largely foreign injected economic boom, that, however critical, leaves little room for entrenchment of a local leadership in business and investment.

Tanzania Investment Centre (TIC), is doing a great job, but it can go it alone. There is a need for other agencies such as banks, credit societies and other public schemes to move in and empower small and medium entrepreneurs.

Paying lip service to about equipping Tanzanian entrepreneurs with skills, capital and other know-how should not be tolerated. Local populations too must rise above petty trading, copycat tendencies and be creative and daring if they are shine and prospers.

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