AfricaPress-Tanzania: THE Confederation of Tanzania Industries (CTI) has developed codes of conduct to be complied with by member companies so as to enhance trust and promote ethical and sustainable business in the country.
Speaking at a stakeholders’ sensitsation workshop in Dar es Salaam yesterday, CTI chairman Paul Makanza said the code of conduct will broadly create and promote self-regulation in the industry.
He said CTI has adopted this code of conduct to provide a set of guiding principles, practices and standards of behaviour which are to be observed by members.
“The Code of Conduct is a common framework for what is legitimate, just and fair conduct for businesses in Tanzania. The code relies on moral principles and values that have been shared by members and supported by common practical experience and accepted norms,” he said.
He noted that doing business with integrity will more likely generate good returns, attract investors and retain motivated employees. In contrast companies that don’t make efforts to do business responsibly can face long-lasting reputational and financial damage.
He urged CTI member companies to sign the code of conduct so as to enable and guide them to operate responsibly and record more benefits.
“We are currently educating stakeholders to understand the scope of the code of conduct so as to enable them comply well with it once we commence implementation. There will be more workshops in various regions,” he said.
Makanza said CTI and its member companies have realized their key role in the development of business sector and the industrial sector in particular and have expressed willingness and readiness to play an active part in supporting sustainable economic development.
“With the code, a company’s interaction with all stakeholders must be based on the highest standards of disclosure. The company must strongly prohibit acts of bribery or any other form of corrupt,”Makanza added.
Khalid Swabili, facilitator of the workshop said the code of conduct will promote self-regulation in the industry.
“By strengthening self-regulation will eventually induce innovation by improving the quality not products and services. Self regulation include price controls, safety regulations and environment controls among others,” he said.
The Confederation of Tanzania Industries is a Business Membership Organisation that was launched in July 1991. It is an independent, self-financed, legally constituted organisation that serves its members by speaking out on their behalf and generally representing their interests.
The main aim of CTI is to ensure that there is a conducive legal, financial and economic environment within which industry can operate effectively, prosper and contribute to national wealth and development.
