Dar es Salaam. Economists have advised Zanzibaris to make the most of the current investment influx, whilst there still is a need for the government to create a level playing field for local and foreign businesses.
According to the President’s Office, Labour, Economy and Investments, so far the archipelago has registered 215 projects worth $3.3 billion (Sh7.6 trillion) during the first two years of President Hussein Mwinyi’s term.
This, according to the isle’s government, is expected to deliver 13,000 jobs to the Zanzibaris.
At the same time, economists who spoke to The Citizen have urged that one thing is certain for Zanzibaris to ensure that the investment is inclusive.
This they say means that the benefits should not just be limited to large businesses, but should also be shared by small and medium-sized enterprises as well as individual citizens.
Senior consultant and economist, Prof Samuel Wangwe said the investment incoming will have a trickle-down effect on the economy first in the form of foreign exchange.
“However, the design and framework should consider prioritising the local content, joint ventures, and partnerships so as to have the locals as involved in this growth,” he said.
Prof Wangwe said it is also for Zanzibaris to research and identify the needs and what is in demand from the investors, so as to create and produce products and/or services that align with those opportunities.
His views also complement that of fellow erudite Prof Humphrey Moshi who agreed that the influx of investment is, to a large part, equivalent to an improved economy.
He said while it will foster more improvement in business, entrepreneurship, and job creation; these investments create a tax collection source, allowing the government to fund its budget.
“The investment is also likely to spur development in the region, as infrastructure projects and other initiatives are funded and implemented. This will have an impact on single Zanzibaris,” he said.
The isle is also coming back to its commercial era, as the main economic activity of tourism rebounded from its pre-Covid-19 glory.
According to the Tourism Statistical Release No 73, Zanzibar recorded 548,503 arrivals in 2022, compared to 538,264 that were recorded in 2019.
The report which was prepared by the Office of Chief Government Statistician in collaboration with the Zanzibar Commission for Tourism and the Immigration department points towards a brighter future with January 2023 reaching record numbers.
According to the release, Zanzibar recorded 68,813 international visitors in January 2023, with tourists arriving from Italy surpassing Poland and Ukraine as the top two countries.
This represents a 62.1 percent increase over the 42,443 visitors recorded in January 2022 and an increase of 3.1 percent over the 66,720 visitors recorded in December 2022, according to the report.
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Tanzania: Samia Hands Over NBC’s 354m/ – Crop Insurance Compensation to Farmers Affected By Hailstorms
President Samia Suluhu Hassan, has handed over a cheque of 354m/- from the National Bank of Commerce (NBC) as compensation to tobacco farmers, who were affected by hailstorms during the previous farming season in various regions across the country.
Handing over the cheque in Dodoma, the compensation is part of the crop insurance service provided by NBC in collaboration with the National Insurance Corporation (NIC).
Furthermore, President Samia has also handed over health insurance coverage to members of the Lindi Mwambao Cooperative Union based in Lindi Region, through the Farmers’ Health Insurance service provided by the bank in partnership with Assurance Insurance Company.
While visiting the bank’s pavilion at the Nanenane Agricultural Exhibition and being received and briefed by the bank’s Managing Director, Mr. Theobald Sabi, she said: “This crop insurance is one of the crucial solutions in ensuring farmers have a reliable income, without fear of challenges such as natural disasters, including hailstorms.
“I call upon all farmers in the country to make the best use of this important opportunity by accessing these kinds of insurance services. I also highly commend NBC and all the stakeholders participating in this programme.”
Elaborating further on the crop insurance service, the Minister of Agriculture, Hussein Bashe, stated that it will help to recover the loss farmers incurred, especially in various calamities beyond their control.
Citing them as floods, fires, and hailstorms, which have significantly affected the well-being of farmers and caused some to be reluctant to invest in the crucial sector, Mr Bashe added: “However, our President, this step by NBC is just the beginning, as this is the second year since they started offering this service, and the results are already visible.
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“As the government, we promise to continue supporting the wider implementation of this service, with the goal of ensuring that this crop insurance service reaches more farmers.”
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On his part, Mr Sabi said that the farmers who benefited from the compensations are from 23 primary cooperative unions in the regions of Shinyanga, Geita, Tabora, Mbeya, Katavi, and Kigoma.
He added: “In addition to these insurance services, as a bank, through this exhibition, we have continued with our programme of providing financial education and various banking opportunities to farmers, alongside offering them various loans, including loans for agricultural equipment, particularly tractors, to eligible farmers.:
At the NBC booth, President Samia also had the opportunity to be briefed on the various services offered by the bank to the farmers namely crop insurance and health insurance services.
There, the President had the chance to speak with some of the beneficiaries of the services, including the Vice-Chairman of the Lindi Mwambao Primary Cooperative Union, Mr. Hassan Mnumbe, whose union has been provided with a health insurance card from the bank.
Source: allafrica.com
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