Small and Medium Enterprises (SMEs) have been challanged to step up their potentials and tap into the East African Community (EAC) where majority of products are imported from overseas.

The East African Community market has an assured boasts of 159 million people and a Gross Domestic Product (GDP) of over 100bn/-, Felix Mosha, former East African Business Council Chairman said over the weekend in Dar es Salaam.

He was speaking during an award winning ceremony of the 2015/16 Top 100 mid-sized companies sponsored by Bank M Tanzania. The event saw Softnet Technologies Ltd announced victorious in this year’s statewide survey.

According to Mosha, the country has small and medium industries but they mostly focus on the domestic market.
“SMEs need to develop strategies on how to target where there is hot demand for the products,” he urged.

Ketan Shah, KPMG Tanzania Partner announced this year’s top five companies as Softnet Technologies Ltd, Morogoro Plastics Ltd, Kays Logistics Ltd, Abacus Pharma Ltd and Techno Brain Tanzania Ltd.

“The annual survey covers a broad range of factors including high level of growth in term of business turnover, profitability, operating costs, return on assets, creation of employment and compliance to business regulations including payment of government taxes.”

“These awards have created vast opportunities for the participants, and majority of the companies have gradually succeeded in growing their market share through public awareness of their products and services,” he concluded.

Bank M, Deputy CEO Jacqueline Woiso expressed the Bank’s satisfaction in the partnership with SMEs saying; “midsized companies should take a proactive approach and assess their performance to know their market standing and then strategize on how to grow their businesses.”

Source: IPP Media

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