PRESIDENT John Magufuli has called upon leaders to encourage local investors to invest in various sectors in the country to boost their contribution to the national economy.
The Head of State said that it was not a rule for investors to come from outside the country because even the locals could contribute immensely to the country’s economy.
“I call upon leaders in the country to stop discouraging local investors even though they have limited startup capital … investors are being nurtured,” he said.
Dr Magufuli was speaking in Zanzibar yesterday during the inauguration of a five-star hotel at Mtoni area ahead of the 56th Zanzibar revolution anniversary celebrations to be held today.
Dr Magufuli commended local investor Said Salim Awadh Bakhresa for investing billions of shillings in the construction of the hotel which has created jobs for over 200 Tanzanians.
He called upon Tanzanians to emulate Mr Bakhresa by working hard to effect economic independence and promote the country’s development.
Dr Magufuli, however, called upon leaders from both Mainland and Zanzibar and citizens with interests to invest in Tanzania to do so without fear.
“There are some Tanzanians who fear to invest in the country and those who hide their money in offshore accounts … I advise them to invest in the country because by doing so they will help others to benefit from their investments,” he said.
He said the new hotel will contribute to the growth of the country’s economy through the tourism sector.
“The tourism sector is very crucial in contributing to the country’s development; apart from providing employment to our people, it is a leading sector in earning the nation foreign currency,” he noted.
Dr Magufuli added that in Zanzibar alone, the sector contributes 80 per cent of foreign currency and 27 per cent of Gross Domestic Product (GDP).
For his part Bakhresa Group of Companies Chief Executive Officer (CEO) Mr Salim Aziz Salim said that the project started to be implemented in 2015 in an area of 12.56 hectares of which 10 hectares were obtained through land reclamation.
