Tanzanian investors have been urged to invest more in the sector of hotel business where there is enormous growth potential”.
The Owners as well as Founder of Peacock Hotels Joseph Mfugale informed reporters that the Tanzanian government is actually prepared to offer help to local investors within the hotel sector.
Mr. Mfugale expressed his gratitude to the ruling government, saying that it has offered tax exemptions on some of the materials as well as other products during the building of the Peacock Hotel Chains.
Even though he mentioned that the government could nevertheless do more to help local investors within the hotel business, he also advised those considering investing in this business to be optimistic, have confidence in themselves as well as be very patient.
Entrepreneurship requires patience while you await your dividends since it could take some time for it to happen,, and this isn’t a small task; you shouldn’t despair he emphasized. Mr. Mfugale a successful entrepreneur in Tanzania said that given the will, self-assurance as well as self-discipline in terms of finance, everything is achievable in business.
Mr. Mfugale mentioned that he began with an initial-capital of 800/- in back in the days however today is proud of more than Forty billion shillings which include assets. In his company plans, he intends to establish a coastline luxury hotel within Kigamboni.
Additional plans also include launching a luxury hotel within Iringa. He added that the hotels offers direct job opportunity to over One hundred thirty local Tanzanians, over Three hundred and sixty indirect employment to the families of the employees plus people who offer different services to these hotels.
Mr Damas Mfugale The Managing Director of this hotel Chain expressed honest thanks to the media fraternity for their continued support saying that his hotels wouldn’t not reached where they are today, if it wasn’t for their support to the Peacock hotels that are actually owned by Tanzanian local.
The Market Manager of Tanzania Tourism Board – TTB Mr. Geoffrey Meena praised the Mfugale Family for its accomplishment and contribution to the Tanzania hotel industry.
Mr. Meena mentioned that this family was adding to fill the space in top notch hotels plus accommodation required to match the increasing tourist numbers coming to Tanzania.
He identified that the hotel business was among the crucial instruments in the tourist sector, rendering this country much more appealing to tourists.
The Tanzania government has on a number of occasions been cited urging additional investments in the sector of hotel business to enhance the growing volume of tourists entering into Tanzania.
In accordance with the statistics taken back in 2012, the Republic of Tanzania was lagging behind in the overall hotel investments with only 174 registered as well as licensed tourist class-rated hotels, providing only 11,568 guest rooms.