AfricaPress-Tanzania: TANZANIA National Business Council (TNBC) has advised for digitisation of the industrial economy to attain sustainable economic development.
“We should be innovative and digitise our industrial economy and lower cost of materials and offer commercial incentives which are part of the advantages in competing with high priced materials,” said Dr Godwill Wanga, TNBC Executive Secretary.
He was offering his opening speech at the conference of dialogue of a business task force between private and public sector in Dar es Salaam, recently.
He said that local industries’ produced goods were failing to compete with those imported from emerging economies, due to lower production costs, which are in a way associated with digitalised production.
“Most of the imported competitive goods are produced through the application of computer-aided machines or digital solutions. And some of them are cheap products that have been threatening loss of jobs and incomes,” he said.
Dr Wanga went on to advise that to rectify the situation and save the industries, there is an urgent need of embarking on strategic intervention like the introduction of Public-Private Partnership which should as well involve financing and execution of strategic investment and business projects with the government.
“Public-Private partnership projects reduce costs and free up some public resources for other function and economic activities which may facilitate the need to embarking on digital economic production,” Dr Wanga however observed that there is also a need for institutional policy reforms to cater for the anticipated changes.
According to him, TNBC also believes in competitive value addition for competitive products, where industrialists must be encouraged to add significant values to locally produced goods in compliance with rules of the origin.
“TNBC believes in fiscal policies, fiscal adjustments, fiscal stability and other initiatives to achieve macroeconomic objectives related to sustainable and inclusive economic growth,” Dr Wanga, highlighted offering competitive products through digitisation, would lead to the attainment of planned annual economic growth of eight per cent and attaining planned eight new million jobs.