The country’s economy can’t develop fast in case firms aren’t competitive thus the need to set up a National Competitive Council -NCC.
Mr. Godfrey Simbeye the Executive Director of Tanzania Private Sector Foundation – TPSF mentioned while in Dar es Salaam during a discussion with the panel at the release of the yearly African Economic Outlook report by African Development Bank.
Mr. Simbeye suggested that through a project funded by donors to enhance competitiveness among private companies, so much was attained.
Sad to say this project ended however they still require it today since companies that graduated are performing very well. Simbeye went on to say that having NCC will additionally address the challenge of non competitiveness among the locals companies.
He explained that competitive individual companies lower the cost of production, increase the production rate as well as comply with international standards that progressively affects on the country’s economy.
The TPSF chief also said that they performed the nation’s competitive report for a year but then the idea was taken up by somebody and absolutely nothing has taken place up to date.
The 3 year TPSF Cluster Competiveness Programme was a 3 year program organized through a multi-donor trust fund that was managed by World Bank with financial funding from the Department for International Development plus the Danish International Development Agency of Britain.
The target was to enhance the competiveness of the country’s local economy concerning tourism, food processing plus horticulture. The supreme intent behind the Cluster Competitiveness Project is lasting improved competitiveness of tactical clusters of the local private businesses.
Mr Eric Beaume the Head of Cooperation with European Union, as well as Dr Jehovaness Aikaeli the Head of Economics Department at the University of Dar es Salaam, mentioned that a competitive economy is vital in the eradication of poverty.
Mr. Beaume while promising continued support from the EU to the nation in developing its private sector to satisfy international competitiveness standards said that The agricultural industry is extremely essential in development as well as reduction of poverty in Africa since several people take part in farming.
Dr. Aikaeli emphasized on the significance of regional incorporation saying that local producers require larger markets in the area rather than the distant one abroad. In this respect to this, Africa is performing okay even though the EU plus southeastern Asia could be far ahead.
AfDB in its AEO report for 2014, said that through taking part more effectively in the international production of products plus services, Africa may change its economy as well as attain a development advancement.
The yearly report that is produced in concert with UN Development Programme, OECD Development Centre as well as Economic Commission for Africa said that for the year 2014 plus 2015, the African continent has appealing development.