GOVT TO REPOSSESS IDLE PRIVATIZED FIRMS - FINANCIAL-24
Permanent secretary in the Ministry of Industry, Trade and Investments, Dr Adelhelm Meru
Dar es Salaam. The government reaffirmed yesterday that it will speed up the process of repossessing the factories that were privatized 20 years ago to investors who violated the terms of contracts under which the industries were bought.
This was said by the permanent secretary in the Ministry of Industry, Trade and Investments, Dr Adelhelm Meru, told reporters in Dar es Salaam yesterday.
He said after repossession, the factories will be handed to investors who would be ready to inject new capital and technology into the facilities to revive them.
“The privatization exercise was done between 1990 and 1995. In other words 20 years have gone since that exercise was carried out. Some of the owners have done nothing to develop them despite buying them at throw-away prices. This cannot go unnoticed,” he said.
Dr Meru’s statement comes only three days after the Opposition Chadema issued a statement, indicating that the fifth phase government was turning Tanzania into an unpredictable country to foreign and local investors.He said contrary to some political assumptions, the government has worked hard to ensure that the privatized firms were running while at the same time, it is attracting investors who establish new factories across the country.
Some of the factories established during Dr John Magufulis presidency include Pipeline Industries, Global Packaging, Masasi Food Industries and Cata Mining.
The Citizen
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