Unguja. Zanzibar is rapidly emerging as an investment powerhouse, with a remarkable surge in the number of registered projects over recent years, the minister of State in the Office of the President for Labour, Economy and Investment Shariff Ali Shariff announced.
Speaking at the launch of the third edition of the Zanzibar Investment and Business Insights Magazine (ZIBI), Mr Shariff revealed that more than 390 investment projects have been registered in the past four years, a staggering 200 percent increase compared to previous years when only around 50 projects were being registered annually.
This surge in investment has brought an estimated $5.5 billion into the island’s economy, a figure that highlights Zanzibar’s growing attractiveness as an investment destination.
Mr Shariff attributed much of this success to a visionary policy of leasing islands, which has opened up vast opportunities, particularly in the free zones of Pemba Island.
“The leasing of islets has had a tremendous impact. You can see the improvement in Pemba, and six major projects are now set to come to these areas. We have made great strides in attracting investment, and the government’s efforts are paying off,” he said.
The minister also emphasised that the government has implemented investor-friendly laws aimed at attracting large-scale investments, moving beyond the reliance on smaller projects.
While acknowledging the successes, Mr Shariff recognised that challenges remain, including the need for continued policy refinement and infrastructure improvements.
He encouraged the private sector to strengthen its financial capacity to support business innovation and investment.
“We have learnt valuable lessons. Now we must focus on addressing gaps to ensure Zanzibar remains competitive and continues to thrive in business,” Mr Shariff added.
In his remarks about ZIBI, Shariff highlighted that the magazine is a crucial resource, providing insights into the island’s blue economy, tourism, technology, infrastructure, and business opportunities.
Mr Hissham Abdukadir, the executive director of Mwanana Communications, which publishes ZIBI, noted that before the magazine’s inception, Zanzibar lacked a publication dedicated to economic issues.
“There was a clear need for a platform focusing on business, investment, and the economy, and ZIBI is filling that gap,” he said.
Former Oman Minister of Energy, Oil, and Gas, Dr. Mohammed Al Rumhy, who also attended the event, praised Zanzibar as a prime investment destination.
“Zanzibar is a safe place for investors, and its welcoming people make it an attractive option. I believe Zanzibar can become one of the top global investment spots,” he said.
Ms Hafsa Mbamba, the Tourism Delivery manager at the Presidential Delivery Unit, emphasised that Zanzibar’s future investment growth will depend on continued government and private sector collaboration.
“With the right policies and partnerships, the island’s investment climate will continue to improve,” she said.
Developer and investor Max Maxwell also pointed out that while opportunities abound in Zanzibar, its infrastructure still needs to be strengthened to fully realise its potential.
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Source: allafrica.com
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