Working environment for foreign investors, what of local investors?

TANZANIA government has reiterated its need of continuing creating a conducive working environment for foreigners who comes to invest in the country so that more should come and invest. The call was made last week in Dar es Salaam by the Minister of State responsible for privatization and empowerment Dr. Mary Nagu during the launching of the newly introduced tea brand by Tanzania Tea Parkers (TATEPA) known as “Chai Tausi” The Minister who was the guest of honour during the launching ceremony said, “the government has appreciated the role being played by the foreign firms in the country for providing employment to youths”. However, she insisted the promotion of the foreign firms as a sole means to achieve national economic development. She said while defending her points that, “most nations in the world depend primarily on industrial sector for the National Domestic Product, a result of which the sector provides employment to youths in the country”. However, she has also praised the tea factory which she said has increased the value of investment and provide employment to local Tanzanian youths, thus increasing the national revenue.

Dr. Mary Nagu addressing a meeting
She has also asked those who have invested in industrial sector to corporate with local farmers in the country so that they could own shares in these sectors as a way of empowering them. Meanwhile, the Chairman of the TATEPA group, Joseph Mungai (Former cabinet Minister) proud himself by saying that, his organization was the first industry in Tanzania to be listed in Dar es Salaam Stock Exchange (DSE) whereby up to now it has 1,600 shares distributed to local people. According to him, TATEPA is highly incorporating with small tea farmers in Rungwe district in Mbeya region whose income has helped to raise standards of living of the people within the district. The Minister’s call could not be hailed to pass through as some local investors have seen how badly they are being mistreated and denied of some basic rights entitled to them by the government when it comes to the whole issue of national investments. Cornered by the writer of this news, a local investor complained that, it was not good for the government to give five year holiday tax free to foreign investors in the country while leaving local investors with huge tax revenues to contend with in their first five year of trading. He explained his queries in deep grief that if the government should continue the trend, foreign investors would take advantage of evading tax by changing the names of their business enterprises by taking an advantage on pretext of evading tax to the government. He said it’s not good when local investors are not given their rights it deserves and it is a great surprise to see that the government only pays attention to foreigners who comes to invest in our country. Haruna Kiyembo a local entrepreneur asks to find out that, “If the government is striving hard to create a conducive environment for foreign investors, now what about local investors? What environment has there been put in place in order to save their businesses from collapsing? An economic specializing on entrepreneurship skills in the country, Mrs. Consolata Masalu could not hesitate to make a comment when contacted. She said that, the government is not playing a level ground to implement trends of investment policies. She is on the view of the fact that, local investors do not have a good chance to develop in this country and only that foreigners seems to have taken the more vulnerable opportunities available and benefits alone. She is therefore suggesting that, the government must also look at the local investors in order to empower them wherever necessary