Sh3. 2 trillion invested in Zanzibar’s Blue economy so far

This was said on Wednesday September 28, by President Hussein Mwinyi, in a speech read by the First Vice President, Othman Masoud at the opening of the business and investment forum organized by the Italian embassy in Zanzibar.

Dr. Mwinyi said that the investment have been registered since 2020 and he used the opportunity to welcome local and foreign investors to take advantage of the opportunities available on the islands in the fishing, infrastructure, tourism and oil and gas sectors.

“We would like to welcome all investors to the available opportunities, because Zanzibar is a good place, it has generous people. Come and invest, there are many commercial opportunities,” said Mwinyi.

He added: After amending the Investment Act in 2018, Pemba Island is now recognised as a strategic investment area, so investors can enjoy all the opportunities available.

According to the Minister in the Office of the President, Labour, Economy and Investment, Mudrik Soraga the Italian embassy has provided more than $600 million to boost the blue economy sector which will be used to provide training to promote production.

He said that strengthening cooperation between Zanzibar and Italy is one of the things that will bring good results for the people to get rid of poverty and increase the national income.

Tanzania’s ambassador to Italy, Mahmoud Thabit Kombo said that the opportunities have brought practical success where the investors have focused more on agricultural tourism in order to preserve the crops for a long time.

On the other hand Italian ambassador to Tanzania Marco Lombardi said they will continue cooperating with Tanzania in order to strengthen investments.

The Zanzibar National Chamber of Commerce (ZNCC) chairman, Ali Amour said the one-day forum has opened opportunities for businessmen to increase their motivation to open up new factories to promote production.