Africa-Press – Tanzania. FINANCE and Planning Minister Dr Mwigulu Nchemba has reaffirmed the government commitment to build strong private sector to stimulate the country’s economic growth.
The Minister told journalists shortly after the 12th Tanzania National Business Council (TNBC) meeting held recently at the State House in Dar es Salaam under the Chairperson President Samia Suluhu Hassan that in her 90 days in office, the Head of State has managed to restore hope to private sector which is the engine to economic growth.
“Within a short period of time since she was sworn in as President, she has openly showed her commitment to build strong private sector which will greatly contribute to the development of the country,” Dr Nchemba said.
He said some of the measures taken by the sixth phase government to promote the private sector is to carry out tax system reforms, a task undertaken during the August House.
The Minister said the changes were aimed at promoting the country’s economic growth, increase revenue and increase currency circulation.
“The reforms which have been done will help to increase tax revenue and promote business growth due to improved currency circulation which will stimulate production thus promoting economic growth and generate employment to Tanzanians,” he said.
On his part, TNBC Executive Secretary Dr Godwill Wanga said that the meeting was successful, especially in finding out solutions which are beneficial to both public and private sector. The meeting was chaired by President who is the chairperson of the council. She issued several directives in areas which are still having some challenges and come up with solutions which are crucial in doing business and investment,” Dr Wanga said.
He said among the issues which were discussed and resolved included scrapping some nuisance taxes and widening tax base, promoting forest product industries, enhancing regional and district business councils and enabling private sector to access loans from the financial institutions in order to strengthen the Public Private Partnership (PPP) strategy.
