President Mwinyi allays fears over increasing foreign investment in Zanzibar

President Hussein Mwinyi

President Hussein Mwinyi has addressed fears raised by Zanzibaris following an increase in foreign investment in the isles since he came into power.

Speaking during a fireside chat with Mwananchi Communications Limited (MCL) managing director, Bakari Machumu, in Zanzibar on October 31, President Mwinyi said investment entails people bringing money into your country for their benefit and also yours; it is a win-win situation for both parties.

"We always tell Zanzibaris not to worry. I always give an example: people come to invest $100 million in Zanzibar on one island, and there will never come a day that they will leave with the island. The island and all developments, such as hotels, will remain in Zanzibar. From there, we will get employment and taxes; that is where we will get to a market for our domestic produce," Mwinyi said.

He further explained that such a win-win investment is preferred.

 "You can't say that someone comes to invest in your country without them benefiting. We always encourage investment that looks to benefit all parties involved. Otherwise, no one will come to invest. Our aim is to see that the interests of Zanzibaris are also prioritised."