In the last 2 years, Zanzibar has registered record investment projects worth $3 billion.
Once these projects are maximized and fully implemented, the island nation of Zanzibar could see as many as 9000 jobs created for its residents.
These figures were relayed on Wednesday during the start of the Zanzibar Trade and Investment Forum 2022.
The Zanzibar Investment Promotion Agency (ZIPA), pointed out that these projects rely on the water surrounding the island nation, signaling a growth in the nation's blue economy.
Zanzibar’s most vital and abundant resource is the body of water that surrounds it. The island nation’s administration continues to find new ways to utilize this asset to develop its economy.
So far, the projects mentioned earlier lean more towards Mangapwani Integrated Hub Port Project, renewable energy, marine transportation, and infrastructure.
According to the Isles' second vice president Hemed Suleiman Abdulla, Zanzibar has recorded almost 200 projects that have generated approximately $3 billion. “Since November 2020, ZIPA has recorded 181 investment projects valued at $3.056 billion,”
During the forum, he also welcomed the idea of foreign and local investments in the nation’s blue economy.
“Foreign direct investment is of paramount importance for socio-economic growth,” he said on behalf of President Hussein Ali Mwinyi.
The goal of the forum, which lasted for two days, was to spotlight the investment opportunities in Zanzibar’s blue economy, promoting trade within the African Continental Free Trade Area (AfCFTA) framework.
Angelina Ngalula, the chairperson of the East African Business Council (EABC), said that Africa’s contribution to global trade was much too low, and the continent needs to make efforts in playing a bigger role on the world's economic stage.
She noted that a good place to start would be with AfCFTA which has a market of 1.3 billion people and a combined GDP of $3.4 trillion.
“Investing in Zanzibar offers investors a gateway to access the EAC and the AfCFTA market,” she said.
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