DAR ES SALAAM, Aug. 5 (Xinhua) -- Namibia, the current chair of the Southern African Development Community (SADC) Business Council, on Monday handed over the chair to Tanzania.

Charity Mwiya, the outgoing chair of the SADC Business Council, handed over the chair to Salum Shamte, a Tanzanian and chairman of the Tanzania Private Sector Foundation (TPSF).

Mwiya thanked SADC, a 16-member states regional bloc, for recognizing the role of the private sector which was the engine for investment and development.

Salum Shamte, the new chairman of the SADC Business Council, said it was critical for the private and public sectors to team up in addressing challenges that were holding the African continent back.

He commended the Tanzanian government's 5th phase administration under President Magufuli for its massive investment in improving the infrastructure, including railways, energy and roads,

"The economic reforms that the government of Tanzania is undertaking is making the country an attractive investment destination," said Shamte.

He said the SADC region offered potential opportunities for lifting people out of poverty.

Established in 1992, SADC is committed to regional integration and poverty eradication within southern Africa through economic development and ensuring peace and security.