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Zanzibar records a staggering Sh3.2 trillion in investment funds for its blue economy

September 30th 2022, 7:25:34 pm
Zanzibar
  • Zanzibar records Sh3.2 trillion invested in its blue economy.
  • The sectors being focused on are fishing, infrastructure, tourism and oil and gas sectors. 
  • Italy is a major fund partner in the development of Zanzibar’s blue economy

Zanzibar’s blue economy is booming as it was reported to have received a total of Sh3.2 trillion in investment funds, since 2020.

The island state has been leveraging on its geographic assets consisting primarily of its marine ecosystem to bolster its economy.

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The First Vice President, Othman Masoud, gave a speech on behalf of the president, Hussein Mwinyi, at the opening of the business and investment forum organized by the Italian embassy in Zanzibar, where he disclosed that Zanzibar has recorded over 136 investment projects with a value of Sh3.2 trillion leading to creation of 9000 jobs in the isles since 2020.

The president noted that investment programs had been procured by the independent government of the island since 2020, and it has been open to both local and foreign investors, especially 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.” The president stated.

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

The Minister in the Office of the President, Labor, Economy and Investment, Mudrik Soraga, remarked on Italy’s prominence in building the island nation’s blue economy. Mudrik stated that so far, the 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.

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He noted that one of the ways for poverty to be eradicated in the region, is for both countries to build more on their relationship.

Furthermore, the Italian ambassador to Tanzania Marco Lombardi said cooperation between both countries will continue so as to strengthen investment opportunities.

Chinedu Okafor
Chinedu is a Senior Reporter at Business Insider Africa with 5 years experience creating profoundly engaging and insightful content.

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