Tanzania’s Zanzibar pledges to reinforce promotion of peace to attract investments

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Zanzibar
Zanzibar

Tanzania’s Zanzibar President Hussein Ali Mwinyi on Thursday pledged his government’s continued promotion of peace and unity as means of attracting investments on the islands.

“Peace is the most basic necessity toward attracting investments,” said Mwinyi when he opened a business forum jointly organized by the President’s Office responsible for economy and investment, the Zanzibar Investment Promotion Authority (ZIPA) and the European Union.

A statement from Zanzibar’s State House said President Mwinyi observed that peace and good governance are the foundations of attracting investments from across the world.

The statement said President Mwinyi said the forum was held at the right time when the Zanzibar archipelago was rebuilding its economy, including recovery from the tourism industry after it was heavily affected by the COVID-19 pandemic.

He said Zanzibar has attracted 136 investment projects worth 1.4 billion U.S. dollars between November 2020 and May 2022, which is expected to employ 9,000 local people.

Mwinyi said there were investment opportunities in the blue economy, agriculture and housing.

He said 17 out of 52 Zanzibar’s islets have been leased to domestic and foreign investors in a move aimed at promoting the blue economy. Enditem

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