President Dr. John Magufuli Assures Industrialists of his Government's Full Support

Wednesday, June 1, 2016

THE President of the United Republic of Tanzania Dr. John Pombe Magufuli has assured industrialists and owners of the industries of his government's full support for the existing and investors who wish to establish industries saying they are essential in employment creation, economic growth and revenue collection.

Dr. Magufuli made the statement at the Confederation of Tanzania Industries (CTI)  2015 President's Manufacturer of the Year Award which was held at the Serena Hotel in Dar es Salaam.

The President, who is also the Patron of CTI said his government understands the importance of industries to the economy and requested the owners of the industries and those who wish to start industries in the country to ignore some of the utterances by some people who allege he (the President) hates industrialists.

"Invest in the industries and I am telling you, If you fail to utilise this 5th phase government, you will never succeed  again" he said, adding: "I neither hate industrialists nor rich people"

Dr. Magufuli insisted that his government will work on the challenges raised by the industrialists, including poor  infrastructure,  frequent power outages, lack of bank loans and multiple taxes.

The President urged the banking sector to put in place condusive environmnet for both current and prospective industrialists to access bank loans for easy expansion and initiation of industries, including reduction of loan interest rates.

Apart from recapitalise the Tanzania Investment Bank (TIB), the government intends to start the Tanzania Industrial Development Bank so as to hasten industrialisation.

Dr. Magufuli said that his government will ensure local industrialists are protected, and asked them to start industries instead of continue importing commodities, despite the fact that raw materials were abundantly available in the country.

During the prentation of the awards, President Magufuli presented awards to different winners of best manufacturers in which the Tanzania Breweries Limited (TBL) emerged the overall winner.