Africa-Press – Tanzania. SOCIAL security funds have embarked on a countrywide affirmative action of reviving dormant industries in response to President John Magufuli’s call on pension funds to invest in industries.
Chairperson for Tanzania Social Security Association (TSSA), Mr William Erio, spoke on the Pension Funds’ mission yesterday during the climax of a-three-day meeting which attracted its members during which they discussed, among other things, good governance and investment in industries.
According to Mr Erio, who is also Director General of the National Social Security Fund (NSSF), the plan will focus mostly on industries whose raw materials are locally sourced and the markets for the products available in the country and in neighbouring countries.
“We have started with dormant industries because the infrastructures, the machineries and other properties are already there. We respond to the fifth-phase government’s call and at the same time creating employment opportunities to majority Tanzanians, among other benefits,” said the Chairperson.
The members also discussed how best pension funds can participate in the implementation of the government’s development projects for betterment of all Tanzanians and the country at large.
Making her closing remarks, Minister in the Prime Minister’s Office -Policy, Parliamentary Affairs, Labour, Employment, Youth and the Disabled, Ms Jenista Mhagama praised the idea of the pension funds, advising members to fully engage themselves in industrial investment to reduce unnecessary expenses the government incurs through products’ importation.
“For instance, the government incurs lots of expenses for importing medical drips, and sometimes from one of our neighbouring countries. I do not think its investment could go beyond 2bn/-, which is in your capacity,” said the Minister.
She stressed that investing in industries is important reducing any kind of dependency, recalling the way coronavirus outbreak broke communication between countries.
“We are thankful that we didn’t go for lockdown, but no visitors or goods from abroad came in the country. Corona outbreak therefore should serve as a lesson for us to set up self- dependent strategies and stay safe, especially in case of any further world crisis. Self-dependency includes availability of local industrial goods,” she stressed.
The minister further urged the Fund to set-up strategies that will increase the number of their members, a situation that will also boost investment as a result of good contribution flow.
She said that the Funds have the right to sue and be sued; thus, whoever stagnates their operations should face legal procedures, including employers who defy submitting their employees’ monthly contributions in time.
