Unguja. Zanzibar’s First Vice President, Othman Masoud Othman, has unveiled five crucial strategies aimed at enhancing the nation’s free market economy, highlighting their significance in generating sustainable employment for Tanzanians.
During the opening of the fourth annual Maalim Seif Sharif Hamad Commemoration Conference, Othman outlined that the key components for a thriving economy include sound policies and laws, visionary leadership, effective performance, the adoption of suitable production technologies, and a robust tax system.
He emphasized that by addressing these vital areas, Zanzibar can significantly enhance employment opportunities and economic growth.
This year’s conference, dedicated to the late Maalim Seif, spotlighted the theme: “Democracy, Free Market Economy, Employment, Challenges, and Opportunities.”
Othman stressed the need for policies that attract both local and international investors to promote production and create a market that fulfills the needs of citizens. He called for stable and forward-thinking leadership to ensure effective policy formulation and implementation and highlighted the necessity of building infrastructure that supports these initiatives.
When discussing performance, Othman remarked that merely having resources is insufficient. “Many countries possess abundant land and natural resources, but the key question is: How do we harness modern technology to transform these resources into valuable products?” he asked, urging a focus on quality production and technology integration in manufacturing processes.
He went on to emphasize the significance of a stable tax system to instill investor confidence. “Tax stability is crucial for attracting investments. Frequent changes in tax rates can deter potential investors,” he warned.
Othman also pointed out that a flourishing free market economy requires robust democratic institutions that uphold the rule of law, promote transparency, and ensure accountability.
Mohamed Aboud, a member of the Central Committee of the ruling party, reflected on the importance of unity in achieving both democratic and economic objectives, praising Maalim Seif for his commitment to justice and national development. He emphasized the necessity of unity for success, especially as Zanzibar approaches the 2025 general elections.
Aboud called for renewed efforts to maintain peace and stability, stressing that without peace, progress is unattainable. “As we engage in these crucial discussions, we must prioritize unity, particularly during election periods,” he stated.
He urged political parties to rise above differences and engage in constructive dialogue for the nation’s benefit, asserting that politics should focus on serving the people rather than fostering conflict.
Nassor Ahmed Mazrui, a board member of the Maalim Seif Foundation, echoed the sentiment that democracy is instrumental in driving economic development and job creation. He reiterated Maalim Seif’s belief in democracy as a catalyst for economic advancement and the importance of honoring his legacy.
The conference highlighted the necessity of collaboration in addressing the challenges obstructing democratic and economic progress, with a collective call to prioritize the rule of law and the essential nature of democracy in achieving tangible economic improvements.
