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Dr Shein courts Brazilian investors

ZANZIBAR is eager to promote stronger ties with Brazil in the areas of trade, investments and tourism, Isles President Dr Ali Mohamed Shein has said.

Speaking to Brazil’s Ambassador to Tanzania, Mr Carlos Alfonso Iglesias Puente, who paid a courtesy call on the Isles on Tuesday, President Shein said he was inviting investors from Brazil in Zanzibar.

Dr Shein hailed the long existing socio-economic relationship between the two countries despite their geographical remoteness and size and assured Ambassador Puente that his government attaches great importance to their bilateral relations.

He said the two countries needed to create a more stable collaboration for the mutual benefit of the people of Zanzibar and Brazil.

The Isles’ Head of State said there were many benefits and advantages to be gained from investing in Zanzibar, a popular tourist’ destinations in Africa.

He cited the tourism sector and blue economies as among potential investment avenues for interested Brazilian investors and assured the Ambassador of friendly environment for investment, including good laws and proper infrastructures towards earmarked economic zones.

President told the envoy that Zanzibar previously relied heavily on cloves to drive her economy but the Islanders have since diversified more their economy with more impetus put on tourism, small and medium industries and the blue economies.

Currently, tourism is Zanzibar’s largest economic sector and essential for the island’s socio-economic stability.

The sector accounts for 27 per cent of GDP, 80 per cent of foreign revenue and provides the highest private sector employment with 72.000 jobs, according to government statistics.

For his part, Ambassador Puente commended President Shein for spearheading socioeconomic reforms on the Isles and pledged to work closely with the Tanzanian government to promote the existing ties between the two nations.

BANKERS and researchers have hailed ...

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Author: ABDALLAH MSUYA in Zanzibar

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