Tanzania: Corporate governance practices touted

DAILY NEWS Reporter

Minister of Industry, Trade and Investment Mr Charles Mwijage

SMALL and medium sized companies have been challenged to improve quality of goods and services in order to sustain stiff market competition and expand the market size.

The Minister for Industry, Trade and Investment Mr Charles Mwijage said during the Top 100 mid-sized companies’ awards ceremony held in Dar es Salaam at the weekend that improving the quality of goods and services is of paramount importance in sustaining stiff competition in the market.

The government is committed to creating an environment that will allow the mid-sized companies thrive, he said. Mr Mwijage also advised the mid-size companies to adopt corporate governance practices and improve the quality of their products and services in order to strengthen their market position and remain competitive.

At the same event, Top 100 mid-sized companies in the country were recognised and awarded after a survey conducted by KPMG, an audit firm showing they meet all the ingredients and financial fitness of a competitive mid-size firm.

The survey, which is in its seventh year running, is sponsored by Bank M under a joint initiative between KPMG and MCL. “SMEs have tremendous ability to create growth and development.

And for that, the government is committed to creating an enabling environment for them to excel. We (government), through the establishment of Tanzania Entrepreneurship and competitiveness Centre (TECC), will endeavour to deal with challenges that affect the SMEs sector,” he said.

Bank M Tanzania, Chief Executive Officer Ms Jacqueline Woiso expressed the Bank’s satisfaction to the whole process.

“Mid-sized companies play a central role in the economic growth of any country. By recognising their contribution, we believe that they will be encouraged to do even more,” she said By so doing, such companies will prosper and increase productivity as well as its contribution to the social welfare of the people by creating more employment opportunities and most importantly boosting our economy.”

This is the survey which celebrates business success among the country’s Mid-Sized Companies as well as entrepreneurs for contributing to the employment generation and growth of the Tanzanian economy in general.

The award is given to companies which rank ahead of their peers in terms of revenue growth, profit growth.

A top 100 companies have succeeded in progressively growing their market position over time.

The 2017/18 winners were Dar Ceramica Centre 2001 Ltd , followed by Songoro Marine Transport, Modern Fitting Mart Ltd, Transit Ltd, Meru Spring Water etc.