COSTECH urges government to embrace innovation

03Mar 2016
The Guardian
COSTECH urges government to embrace innovation

The government has been urged to create a financial structure that supports innovation and entrepreneurship to boost the country’s trade and economic growth.

Dr Hassan Mshinda

The Director General of COSTECH, Dr Hassan Mshinda (pictured), told The Banker that money is required to move innovation from where it is now to the next level.

He pointed out that there is a steady paradigm shift in global affairs marked by slow overall growth because of changing demographics in most countries.

He urged the stakeholders to come up with innovative ideas that meet market demands and make continuous improvement of services and quality of products.

“Tanzania has a lot of talent and more innovations than Kenya, but the challenge is how to implement those innovations and achieve the set targets.

The government should thus make concerted efforts to implement policies that support innovations and entrepreneurship, including streamlining administrative policies and delegating power to lower levels,” Dr Mshinda stressed.

According to him, future economic growth will be driven by innovations and that’s where the future development in Tanzania will come from, adding that it is important to create a sound environment for promoting the growth of start-up firms and injecting new impetus for the country’s economic growth.

COSTECH received 45bn/- from the fifth phase government for research where it trained about 510 Masters and PhD students, rehabilitated infrastructure in 21 institutions and funded 70 research projects, which produced varieties of seeds to improve farming.

“Innovation requires deep specialisation and mastery of skills”, he observed.

Dr Mshinda called on the government to treat innovation as a key priority for the future and incorporate it in all sectors of economy.

“New innovation can link people’s creative ideas and push forward the integration of traditional manufacturing and modern public service sectors in an effort to lower the cost for transforming industrial structure and raise quality and efficiency”, he added.

He named the three key areas that Tanzania has to invest in so as to be at par with other innovative economies: equip its people with the appropriate skills and knowledge; create innovative chains by linking up companies so that technological advances can be diffused in the national economy and finally, create a Tanzania that has a culture of valuing skills and expertise.