Z’bar aims to be East Africa’s premier financial hub
LONDON: MINISTER for Foreign Affairs and East African Cooperation, Ambassador Mahmoud Thabit Kombo has unveiled Tanzania’s vision to transform Zanzibar into East Africa’s leading financial hub, during a high-level forum held in London, United Kingdom on Tuesday.
The forum, themed “Reimagining Zanzibar as East Africa’s Leading Financial Hub,” took place at the historic Guildhall and brought together UK-based and international investors, financial leaders, policymakers and experts.
The event was convened by Alderman Professor Emma Edhem, in collaboration with the Tanzanian High Commission in the UK, led by Ambassador Mbelwa Kairuki.
Delivering the keynote address, Amb Kombo said Zanzibar is undergoing transformative economic reforms aimed at unlocking growth, attracting investment and creating meaningful opportunities for its people.
“Zanzibar is on a journey of transformative economic reforms aimed at unlocking economic potential, attracting investment and expanding opportunities for our people,” he stated.
He added: “Our vision is to make Zanzibar an international financial gateway, a trusted centre for arbitration and commercial courts and a hub for financial innovation.”
He said that Zanzibar’s strategic geographic location at the intersection of Africa, the Middle East and Asia along with its political stability and ongoing investment in infrastructure, energy and digital systems, makes it an ideal location for a regional financial centre.
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Amb Kombo also underlined the importance of transparency, good governance and adherence to international financial standards as essential to building and maintaining investor confidence.
According to the minister, establishing a financial hub in Zanzibar will bring wide- ranging benefits to key sectors, including tourism, energy and the Blue Economy, industry and manufacturing as well as digital services.
It will also generate employment, foster innovation through partnerships with universities and research institutions and strengthen the legal and institutional framework for commercial arbitration and dispute resolution.
Ambassador Kombo called for global partnerships across key areas such as finance, law, construction, infrastructure and technology.
He encouraged investors, innovators and experts to contribute their expertise and resources toward realising the vision.
“This forum marks an important step in exchanging ideas and strengthening long-term partnerships,” he said.
“Together, we can transform Zanzibar into a symbol of innovation, resilience and opportunity not just for Africa, but for the world at large,” he said.
