Dar es Salaam. The CRDB bank has come on board as the main sponsor of the ninth episode of Tanzania’s Top 100 Mid-Sized Companies Survey.
The search was launched yesterday as a continuous initiative to supporting SMEs’ competitiveness in the country.
The survey which is a brainchild of Mwananchi Communications Limited (MCL) and KPMG will also see the Financial Sector Deepening Trust (FSDT) joining the initiative.
“We are excited to have the CRDB on board as our platinum sponsors and FSDT in this edition. Their coming in confirms the growing realization and appreciation by key economic stakeholders of the important role the survey plays in national development,” said MCL the managing director, Francis Nanai.
The project plays a critical role in supporting the objectives of the government as it fully embraces the tenets of a strong and competitive economy, which is about development of an efficient private sector that is spearheaded by competitiveness and entrepreneurship.
According to initiators, since 2011 the project has recognised participating companies as well as provide business benchmarks and discussion forums.
Mr Nanai said during the launch of the study at Dar es Salaam’s Serena Hotel, that the Top 100 Mid-sized Companies Survey had grown from strength to strength over the years.
Mr Nanai said the survey seeks to identify and celebrate fastest-growing medium-sized companies in the country and MCL had a noble role of promoting the success stories of Mid-Sized Companies.
He said President John Magufuli’s meeting and discussions with members of the business community from the grassroots two months ago has given him first-hand information regarding the challenges that they go through in their daily undertakings.
He noted that, globally, Mid-Sized Companies contribute significantly to employment creation, income generation and stimulation of economic growth.
In the case of Tanzania, Mid-Sized Companies are those that employ between 50 and 99 people, or have capital investment from Sh200 million to Sh800 million (according to the SMEs Development Policy for 2002).
“There is no way we can talk of building an industrialized, middle-income Tanzania by the year 2025 without nurturing Mid-Sized Companies,” Mr Nanai said.
“With many more reforms on the government’s cards -- which is in line with the business blueprint - we remain optimistic that Mid-Sized Companies will show some of the achievements in their operations during the past years, as well as challenges that must be worked on for Tanzania to achieve its economic growth aspirations,” he said.
The KPMG Partner, Mr Ketan Shah, said that he was excited about yet another year of showcasing Tanzanian entrepreneurial success stories.
“One of the key objectives of the project is to improve the business environment by helping local companies embrace global standards of practice.
“We call upon all the legible SMEs in the country to grab the opportunity that we are bringing through this platform. This will enhance their competitive growth both locally and internationally,” he said.
The CRDB managing director, Mr Abdulmajid Nsekela, said the bank acknowledges the vital contribution of the SMEs group in the economic development of the country.
“Being a local bank with the best interests in supporting the government’s agenda of building a semi-industrialized, middle-income economy, we take pride in supporting surveys such as the Top 100 Mid-Sized Companies, as they provide a competitive platform for recognizing entrepreneurs’ efforts and help them create a more comprehensive network and expose them to new markets,” he said.
“We will continue to support this initiative every year, and focus on educating the public on how they can grow economically by utilizing platforms like this,” he added.
The FSDT operations director, Ms Irene Mlola, said it was encouraging to see MCL and KPMG continuing to support SMEs as central to the country’s development.
“We join this initiative because we believe and value local SMEs. This group (SMEs) is among the key drivers in private sector development, jobs creation and determine the economic growth of the country,” she said.
The purpose of the Surveys is to identify Tanzania’s fastest-growing medium-sized firms to showcase their business excellence, and highlight their most successful entrepreneurship stories.
Firms that qualify for the survey are those with a turnover ranging between Sh1 billion to 20 billion, audited financial records for the last three years; are not listed on a stock exchange market - and must not be a bank/insurance company/Saccos/Law, Accounting or Auditing firm.
The Top 100 Mid-Sized Companies are selected from all participants on the basis of their revenues growth and other Key Performance Indicators (KPIs).
Other sponsors of this edition are the Dar es Salaam Serena Hotel and the project’s long-term media partner, Azam Media.
Winners of the renowned Tanzania Top 100 Mid-Sized Companies Survey will be announced in October at a grand gala dinner that will be held in Dar es Salaam.