ZANZIBAR: ZANZIBAR President Dr Hussein Mwinyi has reassured investors that both the Union and Zanzibar governments have been sparing no efforts to make the country the best place for investments and other businesses.
“We are investing heavily to create an enabling and conducive environment for investments and other businesses, so that both the formal and informal sectors can contribute better to the country’s economic growth,” Dr Mwinyi said in a speech read on his behalf by Zanzibar Second Vice-President Mr Hemed Suleiman Abdulla, at the occasion to officiate the second International Conference on Business Management and Economic Development held in Zanzibar.
He said that to pave the way for speedy economic growth, both governments are implementing strategic projects including infrastructure development roads, railways, bridges, seaports and airports, as well as other key areas to facilitate business.
Dr Mwinyi also emphasised the importance of making the best use of local content, including research and innovation.
“The country cannot continue to rely on importing everything from abroad, including innovations that come from developed nations, in the current competitive world.
We must invest in and use our research to solve the problems facing our society,” he said. He said the two governments have been working closely and seriously to overcome emerging social and economic challenges, with a focus on engaging the private sector, which plays a significant role in economic growth.
The president urged re- searchers to conduct studies that will show how best to improve the business environment and provide solutions to the challenges faced by business people and investors.
Reflecting on economic growth, President Mwinyi said that the pace of economic growth remains promising, despite global shocks including unstable oil prices, conflicts, wars and the impact of climate change.
He said, for example, in the first three quarters of 2022, the Union government recorded an average economic growth of 5.2 per cent, while the Zanzibar economy grew by 5.4 per cent due to strong fiscal and budgetary policies and efforts to strengthen the blue economy agenda – particularly improved tourism.
He urged academicians and researchers from local higher institutions to share experiences with foreign researchers to draw on experience and knowledge that will come up with sustainable solutions to challenges and avoid using foreign research that may not be ap- propriate for the country’s environment, technology and history.
Speaking at the event, Zanzibar’s State Minister in the President’s Office (Finance and Planning) Dr Saada Mkuya Salum thanked the organisers of the conference, underlining that it is timely and provides opportunities for participants to exchange experiences in financial management, conduct innovative research and reflect on how to grow the country’s economy.
The Tanzania Institute of Accountancy (TIA) organised the conference un- der the theme “Creativity, Innovation and Investment for Economic Sustainability.”
She explained that the Zanzibar Institute of Accountants, Auditors and Tax Consultants (ZIATC) was established to play an active role in the economy and therefore she urged TIA to build a strong partnership with it so that it performs well.
The Chief Executive Officer (CEO)/Rector of TIA, Professor William Pallangyo, said that the conference provides an opportunity to discuss different issues, including how local and foreign experts can share experiences.
He said that sustain- able economies require a conducive environment and thanked both governments for ongoing efforts to make the country a better place for business and investments.
Presenting a paper at the conference, Dr Auric Kubuli, on behalf of the Principal Secretary of the Ministry of Blue Economy and Fisheries, said that building a stronger economy requires inclusive participation, collaboration, a friendly environment and skilled human resources.