Thursday, May 8, 2014

Dr Reginald Mengi, Tanzania Private Sector Foundation (TPSF) Chairman
Rampant corruption across East Africa is hampering development of the private sector limiting its effective contribution to the region’s socio-economic growth.

Tanzania Private Sector Foundation (TPSF) Chairman, Dr Reginald Mengi made the remark yesterday at the East African Community Headquarters where the European Union Week 2014 is being observed.

He said corruption must be combated at the international level through imposition of sanctions on all international companies found guilty of the practice and manipulation of African leaders in their companies’ interests.

“We hear Africans are corrupt but the question remains, what about international companies which give bribes so as to be favoured in investment projects on the continent? They too should be punished,” he said.

“Double standards mustn’t be allowed to dominate this matter," he emphasized, noting that if the matter is not dealt with seriously, the gap between the poor and the rich will inevitably grow wider.

Dr Mengi also warned that without peace and stability, local and foreign investment will be gravely affected and therefore all governments in the region must take concrete steps to ensure peace and stability are maintained, he urged.

“You can have all it takes to run any business, but I assure you that if there is no peace and stability you cannot invest your money when there is no security,” said the renowned philanthropist.

Dr. Mengi went on to bid for private sector involvement in the gas and oil sector and the alternative energy industry in general saying with private sector involvement the citizens will directly benefit from the resources.
He said if East African states are to escape the ‘oil and gas curse’ the bloc must put in place a citizen-friendly policy framework.

“Much as we encourage foreign investment, there still is very high demand for private sector participation,” noted Dr. Mengi.

The Chairman of the East African Business Council (EABC), Felix Mosha, said despite challenges in the regional trade bloc, business growth has shot up from 14 percent to 23 percent which he attributed to the one stop border posts scheme and business infrastructure improvement. 


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