Tanzania Daily News (Dar es Salaam)

28 August 2014

Tanzania: Dar Forum Trumps Private Sector Role

THE private sector has been urged not to solely rely on profit maximisation but should rather also take part in helping the government to make policies that would lead to a good investment environment.

Addressing the second Africa Investment Funds and Asset Management (AIFM) forum, the Director of DNA Economics, a South African- based firm, Mr Elias Masilela, noted that the government alone cannot create conducive environment for investment.

He said the private sector has to cooperate with the government for mutual benefit in this regard. "We cannot sit back and rely only on the government to create a good environment for investment through its policies as if we in the private sector are not concerned.

We must alsohelp in setting those policies for our own benefit instead of only focusing on profit maximisation," he argued. He also said that there are numerous opportunities in the African continent but there are a lot of doubts on whether Africans sustain, lead or benefit from them since economic growth of most African countries is low than it was expected.

Mr Masilela urged African countries to rely on their own domestic capital in doing investment in their countries despite numerous challenges facing them.

"African continent should also stress on equal opportunities like the other parts of the world. We should manage our economy, create our policies for investment which will eventually lead to good performance and good return in investment," he said.

"With well formulated policies for investment Africa will remain in the drive of its economy towards the 2015 millennium goals and likewise benefit the next generation," he added.

On his part, a lawyer from IMMA advocates, Mr Sadock Magai, called on the government to be well prepared with enough professionals who can assist in giving guidance on numerous opportunities investors from within and outside the country want to explore.

"The government must be extra careful while opening the door for investors; we have a lot of resources but if we are not careful we will not benefit anything from them because the investors are always after profit maximisation," he observed.

The Investment Promotion Manager of Tanzania Investment Centre (TIC), Mr John Mnali, said the forum will help to bring more investors in the country who will deal with different projects in various parts of the country.

"This forum will give us a chance of meeting with investors who are willing to invest in our country and show them different areas in which they can invest like infrastructure and agriculture," he said.

The two-day AIFM forum, which ends today, was attended by various investors, businessmen, scholars and other experts on investments from different African countries, including South Africa and Zambia.

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