VICE President Dr. Philip Mpango has challenged public corporations and commercial executive agencies to expand their activities beyond the country's borders.

Addressing the opening session of a three-day working session of board members and chief executives of numerous public institutions, the VP stressed that an outward oriented mindset is essential for Tanzania to thrive in the midst of globalization.

Public entities need to provide strong leadership to fulfill their obligations to the public, who are their key stakeholders, he said, stressing the need to build new partnerships, attract international investment, foster business growth and create more jobs.

He said that public corporations are a vital link with the rest of the world, helping to establish the country's reputation as a prime destination for business ventures and targeted investment. This includes actively seeking out and capitalizing on investment opportunities abroad, he stated, asserting the need to improve service quality, foster innovation while adapting to the rapid pace of global change.

Highlighting the need to protect the nation's resources as crucial for building a competitive economic environment, he called on public entities to improve financial management, procurement controls, contract administration and human resource management.

He reiterated a directive from President Samia Suluhu Hassan for public institutions to reduce reliance on government subsidies and contribute to public coffers at the end of each financial year. 

A major government priority is ensuring that investments in these institutions yield tangible results and value for the nation, he said, stressed the need for collaboration with global companies to gain technology, research inputs and work cultures from global markets. 

Prof. Kitila Mkumbo, the Planning and Investment state minister in the President's Office, affirmed that public corporations are expected to play a major role in achieving the National Development Vision 2050.

Nehemia Mchechu, the registrar of public firms within the Treasury, provided a positive update on recent performance, reporting that the value of government investments in public institutions has increased by 82 percent in the past few years, from 65trn/- in 2020 to 86trn/- this year. 

This growth is a direct result of significant investments in strategic sectors like energy and infrastructure, he said, pointing at plans to strengthen Treasury oversight to ensure optimal contributions to non-tax revenue for the general fund and become less dependent on subsidies.

The three-day working session, held under the theme "building sustainable cooperation in a competitive global environment – the role of public corporations," brought together over 150 /executives from various public institutions, corporations and agencies.