A Tanzanian senior cabinet minister said on Wednesday 390 large scale industries with a capital flow of 2.3 billion U.S. dollars have been established in the east African country since President John Magufuli assumed office in November 2015.

Charles Mwijage, the Minister for Industries, Trade and Investments, told the National Assembly in the capital Dodoma that the new industries have created 38,860 jobs to Tanzanians.

Mwijage told the august House that during President Magufuli’s 5th phase administration, the Tanzania Investment Center registered 242 new investment projects between July 2016 and March 2017 worth 2 billion U.S. dollars.

Mwijage said a total of 1,843 small scale industries have been registered across the country in a period between July 2016 and March 2017.

He said the industrial sector grew by 7.8 percent in 2016 compared to 6.5 percent in 2015.

“The sector also contributed 5.1 percent to the GDP in 2016 compared to 5.2 percent in 2015,” said Mwijage.

On May 6, President Magufuli said his government was ready to work with the private sector because it was the engine of the economy.

President Magufuli made the assurance in a meeting with the members of the private sector under the Tanzania National Business Council (TNBC) at State House in the commercial capital Dar es Salaam.

Magufuli met members of the private sector against the backdrop of reports of weakening investor confidence due to concerns about the economy, policy unpredictability and tax crackdown targeting big companies.

Magufuli dispelled sentiments that his government was “anti-business,” saying he was pro-business, but his administration would not tolerate tax dodging, which was rampant in Tanzania in previous years.

Since he came to power, Magufuli said, one of his priorities was to make Tanzania an industrial economy that would qualify the country to middle income status by 2025. Enditem

Source: Xinhua/NewsGhana.com.gh