The private sector is critical to Tanzania’s economic growth

The private sector employs most of the workforce in some countries. In private sector, activities are guided by the motive to earn money.

A 2013 study by the International Finance Corporation (part of the World Bank Group) identified that 90 per cent of jobs in developing countries are in the private sector.  

In free enterprise countries,   the private sector is wider, and the state places fewer constraints on firms. In countries with more government authority, such as China, the public sector makes up most of the economy.  

States legally regulate the private sector. Businesses operating within a country must comply with the laws in that country.

In some cases, usually involving multinational corporations that can pick and choose their suppliers and locations based on their perception of the regulatory environment, local state regulations have resulted in uneven practices within one company. For example, workers in one country may benefit from strong labour unions, while workers in another country have very weak laws supporting labour unions, even though they work for the same employer. In some cases, industries and individual businesses choose to self-regulate by applying higher standards for dealing with their workers, customers, or the environment than the minimum that is legally required of them.  

There can be negative effects from the private sector. The private sector must include activities that promote  national unity in their corporate social responsibility (CSR) programmes. If the corporate sector could step forward to help civil society on national unity, it would be investing directly in the nation’s stability, which was critical for business to flourish and economic activities to grow.

Indeed the corporate sector has not done much, for example, to promote unity or to help civil society groups to play their role in fostering national unity.   It could not be denied that the corporate sector had made significant contributions in other areas such as the environment, health care education and helping the less privileged, but more could be done for unity.

We should pay tribute to the respective corporate companies for having delivered that social responsibility towards many charities,      they should as well  spare a thought to fulfilling a greater social responsibility towards our nation.

No social responsibility was greater than ensuring that our nation succeeded in uniting the diverse communities that make up our society.It is important to emphasise on support from the local private sector since foreign funding for unity programmes would not be advisable in the larger interest of our nation.

National unity is one area where Tanzanians should exercise total sovereignty in determining the destiny of our nation. All peace-loving Tanzanians be fully committed to promoting a culture of peace, harmony and unity. Even if economics, science and information technology are the driving force of this era and in the future, we must not lose sight of racial harmony and unity.

In the final analysis, economic development would not be meaningful without understanding, harmony and unity among the people. Building unity in a multiracial society is our nation’s biggest challenge. The challenge that is key to our very survival.