(Daily News) President Jakaya Kikwete said here on Wednesday that foreign investors in Africa should plough back part of their gains to benefit the local communities.
He told the Secretary General of the Commonwealth Business Council, Dr Mohan Kaul, that proceeds from foreign investment should help efforts to improve food security and creation of decent employment in Africa.
Dr Kaul was briefing Mr Kikwete on the Commonwealth Business Forum, a side event, which the president is expected to address on Friday ahead of the Club summit opening on Friday.
President Kikwete said it was important for the Commonwealth to support the poorest member nations in reducing poverty in the same way it was propping up democracy, good governance and rule of law.
“The major obligation of Commonweath is to assist the poorest nations within the Club, especially those in Africa, to deal with the challenges of climate change (and poverty alleviation.)”
The president said such intervention would stimulate creation of wealth, reduce unemployment and promote equitable distribution of wealth in poor nations, which form majority of Commonwealth members.
Meanwhile, President Kikwete held discussions with the Executive Vice-President of Shell Oil Company, Mr Guy Outen.
They discussed prospect of Shell investing in offshore oil and natural gas prospecting in Tanzania.