President John Magufuli
focus on supporting small and medium enterprises (SMEs) so that that they
Dr Magufuli made the call yesterday when opening the 16th Nguvu kazi/Jua
kali Expo 2015 at the Mnazi Mmoja grounds in Dar es Salaam.
He said one of the challenges facing SMEs is lack of financial support from
financial institutions a situation that renders them unable to compete in
the market.
In his Speech, read by the Dar es Salaam Regional Commissioners, Said Meck
Sadiki, Dr Magufuli called upon the East African Community’s leaders to
create a conducive environment to ensure SMEs benefit from financial
institutions in the region.
“Small entrepreneurs who mostly come from the informal sector have a big
contribution to the national economy and serve to reduce unemployment,” the
President said.
President Magufuli said in 2014 the informal sector provided 4.3million
employment opportunities in the country while the formal sector provided
less than half of that with only 2million jobs created.
He encouraged East Africans to imbibe a culture of buying goods made within
the trading bloc; “this will make SMEs in East Africa prosper because they
will get market for their goods,” he said citing that the East African
trading bloc has a population of more than 140 million people, a sufficient
market for any venture.
Earlier, Director General (Customs & Trade) of the East African Community,
Peter Kiguta said the exhibition has significantly helped EAC economies as
well as strengthened relations between member countries.
The Director explained that the Jua kali expo was inaugurated in 1999 in
Arusha and it has been held every year rotating among the member countries,
it was last year held in Kigali, Rwanda.
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