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Sumaye: Review laws to empower SMEs
2005-11-16 07:39:11
By Monica Mayuni
Prime Minister Frederick Sumaye has urged the newly launched National Economic Empowerment Council (NEEC) to study and review economic laws aimed at empowering the Small and Medium Entrepreneurs (SMEs).
Sumaye said the Council should also promote and encourage savings and investment to local businesspersons and encourage them to participate in economic activities as one way of fighting poverty among Tanzanians.
He said there are lots of more Tanzanians who would like to invest their wealth in several businesses but they have no credible institutions to seek advice from.
Since NEEC’s objectives are to provide guidance to the government, public institutions and the private sector, there is need for the Council to come up with strategies to achieve its goals.
The Premier noted that the decisions by the Council to assist Tanzanians to realise their role in economic development would go a long way towards national development.
Said he: ’The Council’s main objective will be to empower Tanzanians and consequently make them economically stable. The Council should dedicate the first three years specially to Tanzanians and ensure that the results are feasible.’
He said many Tanzanians have failed to secure loans from commercial banks because of strict conditions attached thereto, such as demands for collaterals.
Sumaye said the demand by most Banks for collateral had made it almost impossible for SMEs to get loans.
He said the NEEC could also offer government professional advice on government bonds and treasury bills.
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