Africa-Press – Tanzania. VICE-PRESIDENT Dr Philip Mpango has directed Tanzania Trade Development Authority (TanTrade) to focus on the specific objectives of the Dar es Salaam International Trade Fair (DITF), in order to foster industrial growth.
The VP similarly reinstated the government’s directive to financial institutions to consider reducing loan interest rates to a single digit. Currently, some are hovering above 20 per cent.
Dr Mpango said it was equally important for Tantrade to assess whether they have achieved the set objectives, which are to provide opportunities for local and foreign businesses as well as various institutions to advertise, learn and exchange experiences on the service they offer.
Speaking at the inauguration of the 45th DITF, he said exhibitors also need to focus on competition in business, whereby manufacturers must comply with market terms and agreements entered into with consumers.
“Cunning tricks or dishonesty will make you lose customers, make sure you use institutions like Tanzania Bureau of Standard (TBS) and Tanzania Medicines and Medical Devices Authority (TMDA) to ensure the products you produce meet set criteria,” Dr Mpango, who represented President Samia Suluhu Hassan, said.
He challenged Tantrade, the Ministry of Industry and Trade as well as other stakeholders to focus on employees’ rights and tax compliance, saying the government is aware that some employers and businessmen have been paying workers unfairly and some harassing them.
The private sector should also consider providing internship opportunities for college students, increase production and quality of products such as sugar, edible oils and construction materials, the VP said.
Dr Mpango said institutions regulating trade and investment should eliminate unnecessary bureaucracy, while also challenging Tanzanians to seize regional bloc opportunities with an assurance of more than three 177 million customers.
Earlier, Dr Mpango visited National Bank of Commerce (NBC), CRDB and NMB pavilions and called on financial institutions to sit down with key stakeholders and look for ways to reduce interest lending rates, so that more people could benefit from loan products and improve their businesses.
Last month, President Samia directed the central bank to take appropriate measures to address high interest rates, calling for reasonable levels for lenders.
The President issued the call, noting that some financial institutions were charging above 20 per cent interest rates, dwarfing business growth.
Dr Mpango also urged Tantrade and the Ministry of Foreign Affairs to collect information from Tanzania embassies abroad on opportunities in various countries for Tanzanians to tap into that market.
“During my trip in France I met with companies that have shown interest in investing in agriculture, medicine, and the blue economy, so as a country we must seize these opportunities,” he said.
Minister for Industry and Trade Prof Kitila Mkumbo said the fair has attracted at least 3,002 companies, where 2,926 are local and 76 are foreign companies from 15 countries including Rwanda, Burundi, Indonesia, Uganda, United Arab Emirates, Kenya, Ethiopia, India, China, Iran, USA, Syria, Ghana, Comoros, Egypt and Singapore.
According to Prof Mkumbo, this year’s Trade Fair has recorded tremendous improvement compared to last year, especially with the participation of both local and foreign exhibitors.
Prof Mkumbo described DITF as an important forum for the business community in the country and foreigners to market their products and strike into joint ventures with other foreign companies.
He said this year’s exhibition is themed ‘Industrial Economy for Sustainable Employment’.
Prof Mkumbo further said that the 45th DITF will also use Business to Business (B2B) virtual meetings to avoid mass gatherings.
Products lined up to be exhibited at the trade fair include food and beverages, textiles, garments and yarns, manufacturing equipment and building materials.
Last year’s event attracted 2,880 companies, where 2,835 were local companies and 43 international ones. The fair attracted more than 700,000 visitors.
Tanzania Private Sector Foundation (TPSF) Executive Director Francis Nanai thanked President Samia and her government for their decision to involve the private sector in economic growth, including the 1,445km East African crude oil export (EACOP) pipeline.
“The government has invited the private sector to invest in strategic projects so traders and investors should seize this opportunity. Let us continue to work together and do our job with integrity,” he said.
Mr Nanai said as the government has created a conducive business environment it was crucial for everyone to pay taxes and increase employment for young people graduating from various colleges in the country.
