Sh3.2 trillion invested in Zanzibar in 18 months, says Mwinyi

Tuesday June 28 2022
Mwinyi pic

President of Zanzibar, Dr Hussein Mwinyi speaking during past event in the Isles. PHOTO | FILE

By Jesse Mikofu

Zanzibar. In over a year and a half, 136 investment projects worth over $1.4 billion (Sh3.2 trillion)have been started Zanzibar, according to Isle’s President Hussein Ali Mwinyi.

The investments, which were recorded between November 2020 and May 2022, have been partly attributed to the good long lasting multilateral relations between Zanzibar and foreign nations especially in Europe.

The President made these remarks as he graced a conference organised by the European Union Business Group (EUBG) and Zanzibar’s Ministry of Economy and Investment through the Zanzibar Investment Promotion Authority (Zipa).

“These investments are expected to create over 9,000 employment opportunities,” he said.

“The government is committed to creating a conducive investment environment by strengthening infrastructure, ports, electricity and services to attract big investors to Zanzibar,” he added.

President Mwinyi also explained how the government was implementing strategies aimed at strengthening investment through Zipa with the aim of ensuring investment services are available in one place and within a short period of 24 hours without any bureaucracy.

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Zipa director general Sharifu Ali Sharifu said so far Zanzibar has received more than 300 investors from Europe who have helped increase employment opportunities as well as boosting the sector to $2.6 billion in value.

He noted that in general Zanzibar now has more than 900 projects in progress while urging citizens especially the youth to take advantage of the opportunities including through acquiring the required professional skills.

The head of the European Union Delegation to Tanzania, Mr Manfredo Fanti, said European countries were being attracted and interested in the policies and plans of the government of Zanzibar which are established in promoting investment as well as promoting the tourism.

Zanzibar’s Economy and Investment minister Mudrik Ramadhan Soraga said most of the projects that need to be invested in Zanzibar were those that require large funding.

He advised investors from around the world to take advantage of the investment opportunities available in Zanzibar and promised that the government would continue to support them and at the same time attract more investors from the United States, Asia and other countries.