Speaking during his speech recently in Zanzibar, President Mwinyi said the country is open for business and urged youth and women to make the best of available opportunities.
He urged youth to be innovative and utilise opportunities available in the country by initiating innovative business projects so as to increase income and boost the economy.
Backing on President Mwinyi’s call, Biram Fall Qnet Regional General Manager for Sub Sahara Africa said youth can also increase income through Direct Selling as it is a low capital entrepreneurial venture.
Direct selling is a business model that offers entrepreneurial opportunities to individuals as independent contractors to market and/or sell products and services, typically outside of a fixed retail establishment, through one-to-one selling, in-home product demonstrations or online.
He said the business makes it suitable for youth and women.
In a media statement that was issued yesterday in Dar es Salaam, the Regional General Manager pointed out that while all other sectors of the global economy have suffered great loss owing to the Corona pandemic, the Direct Selling industry has remained resilient and even experienced growth.
“Direct Selling is a sales channel used by companies to promote their products away from a physical retail location and directly to the end consumer primarily relying on word-of-mouth promotion from existing users,” he explained.
Biram said with direct selling growing exponentially, it offers Tanzanian youth great self-employment opportunities.
According to the International Monetary Fund (IMF) the global economy shrunk by 4.4 percent in 2020. Yet at that same time, the latest Direct Selling Report, published by the World Federation of Direct Selling Associations (WFDSA) shows global direct sales increased by 2.3 percent year-on-year, from US$175.3 billion in 2019 to US$179.3 billion in 2020.
Similarly, the International Monetary Fund recently raised its projection for economic growth in 2021 to 6 percent, up from 5.5 percent, and projects 4.4 percent growth in 2022.
“In line with these projections, the direct selling company Qnet, experienced a record-breaking growth of up to 65 percent in some African markets,” he added.
“From 2017 through 2020, the Direct Selling industry saw a CAGR of 3.0 percent demonstrating resilience where most commercial sectors are experiencing a downward trend due to the pandemic,” reads the report in part.