Tanzania: President orders repossession of defunct industries

President Magufuli has directed the Ministry of Trade and Industries to repossess all privatized non-operational industries in Morogoro region.

Meanwhile, His Excellency maintained: "Tanzania is still a best place for investment" as he assured investors that his government will protect their interests.

The President issued the directive today (Friday, February 12, 2021) in Morogoro where he launched the leather and rice industries.

Launching Ace Leather Tanzania Limited, owned by local businessman Rostam Aziz, the President was pleased by 1,000 employment opportunities that are going to be created for locals.

He added that defunct industries that were privatized over 20 years ago are denying employment opportunities and ordered the Ministry to repossess them immediately.

"Don't afraid anyone.... repossess all defunct industries. We want employment opportunities for our people and we will protect all investors," said Dr Magufuli.

He added that, since over 70 per cent of Tanzanians are depending directly or indirectly in the agricultural sector: "Industry is the only weapon that can bring revolution."

This article was originally published by Daily News. [Photo: Daily News]