Mwinyi unveils mega projects for investors

THE Zanzibar Government has embarked on implementing ‘mega-blue economy projects,’ with further invitation to investors from Africa and beyond, saying the Islands have vast opportunities to tap.

In a message of President Dr Hussein Ali Mwinyi read to delegates comprising government officers and private institutions’ staff attending Zanzibar Trade and Investment Forum in the Isles, by the Second Vice President Hemed Suleiman Abdulla, he cited some of the projects as Mangapwani Integrated Hub Port, Renewable Energy, Marine, Transportation and infrastructures among others.

“Zanzibar has opened its doors to both local and International sustainable investment in support of our transformative plan (development Vision 2050) for responsible sustainable economic growth and to bring shared prosperity,” he said in the speech.

Elaborating, he noted that Zanzibar has room for foreign direct investment that is paramount in the implementation of its development goals as set by regional and international organisations, citing them as the United Nations Sustainable Development Goals and African Union 2063 agenda.

The list also included the African Continental Free Trade Area (AfCFTA), as one of its flagship projects in Africa’s development framework.

In his message, Dr Mwinyi described Zanzibar as a beautiful and safe place inhabited by hospitable people, where the government continues to improve trade and investment environment for all.

“Zanzibar has experienced an increase in foreign Direct Investment despite the volatile environment brought forward by Covid-19, this evidently has been seen from the statistics recorded by the Zanzibar Investment Promotion Authority (ZIPA) in a span of two years from November 2020 to date.

“A total of 181 investment projects with a total value of US 3.056 billion dollars has been registered during the period and expected to create 9,000 jobs,” he pointed out.

Adding: “Zanzibar is now on the map as the most celebrated investment destination, and we welcome you all to discover the trade and the investment opportunity of your choice in line with our laws and regulations.”

Elaborating, Dr Mwinyi further said that Pemba, the sister Island of Unguja forming Zanzibar, is a strategic investment area where investors will be able to enjoy the benefits of strategic investment status and investing in asset(s) equivalent to only ten million US-dollars in the industries including tourism, fisheries, manufacturing, and real estate.

He added: “May I thank AFREXIMBANK, People’s Bank of Zanzibar (PBZ) ZIPA, East African Business Council (EABC), and Zanzibar National Chamber of Commerce (ZNCC) for organising the forum.”

On his part, the State Minister- President’s Office (Labour, Economy and Investment) Mr Mudrik Ramadhan Soraga said the forum was timely and would market vast opportunities in the Islands.

Commenting, The ZNCC chairperson Mr Ali Amour called on investors to choose Zanzibar for their projects in support of President Mwinyi’s initiatives in building economy.

Chipping in,  ZIPA Executive Director, Mr Sharif Ali Sharif commended the government for improving the environment for investors.