Zanzibar unveils strategies to boost economy, expand employment
LONDON: THE Tanzanian Minister for Foreign Affairs and East African Cooperation, Mahmoud Thabit Kombo, has presented the government’s vision to transform Zanzibar into a leading financial hub in the East African region.
Speaking during a high-level discussion held at the historic Guildhall in London under the theme “Positioning Zanzibar as the Premier Financial Hub of East Africa,” Ambassador Kombo outlined the Revolutionary Government of Zanzibar’s commitment to turning the archipelago into a gateway for international finance, a trusted center for commercial dispute resolution, and an innovation platform for financial services.
Minister Kombo emphasized that Zanzibar is currently undergoing major economic reforms aimed at attracting investment, boosting economic growth, and expanding employment opportunities for its citizens.
“Zanzibar is on a trajectory to emerge as a financial hub for East Africa due to its strategic geographic location between Africa, the Middle East, and Asia, alongside political stability and significant investment in infrastructure, ports, energy, and digital systems,” said Ambassador Kombo.
He underscored the importance of transparency, good governance, and adherence to international standards as key pillars in building investor confidence.
According to the Minister, the establishment of this financial hub is expected to deliver broad benefits across various sectors, including tourism, energy, the blue economy, industry, and digital services. It will also strengthen mechanisms for resolving commercial disputes through a dedicated financial court.
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Additionally, Kombo stated that the initiative would generate jobs, foster innovation through partnerships with universities and research institutions, and enhance collaboration between the public and private sectors.
In his remarks, Minister Kombo invited investors, innovators, professionals, and development partners from across sectors to be part of this transformation by contributing knowledge, capital, expertise, and technology.
“This dialogue marks a key step toward exchanging ideas and building long-lasting partnerships. Together, we can transform Zanzibar into a symbol of innovation, resilience, and opportunity for Africa and the world,” he added.
The event was organized in collaboration between Alderman Professor Emma Edhem and the Tanzanian High Commission in the United Kingdom, led by Ambassador Mbelwa Kairuki. It brought together leaders from the financial sector, policymakers, investors, and experts from the UK and other nations.
