SHANGHAI (China), Nov 8 (NNN-DAILYNEWS) — Pres Hussein Mwinyi has officially opened Zanzibar Investment Promotion Authority’s (ZIPA) offices in China, saying the islands are open for investors in various sectors to boost the economy.
Speaking at the office launch at Ling Hang Group building in Minhang, Shanghai, Dr Mwinyi said the spice islands remain welcome to serious investors in various sectors to build the economy.
He reaffirmed his government’s commitment to sustain conducive and friendly environment for domestic and foreign investors, affirming that the government is determined to promote growth in tourism, agriculture, fishing and industrial sectors to attain economic development for the islanders.
The opening of ZIPA office in China comes as a strategic government move to attract investment and strengthen economic and trade cooperation between Zanzibar and other countries.
The spice islands have in the past four years recorded great success in investment promotion, having registered 353 new investment projects of 5.5 billion US dollars (about 15tri/-) during the four years of Dr Mwinyi’s presidency.
The newly registered projects are expected to create over 20,000 jobs, primarily in tourism sectors, with peace, security and favorable policies encouraging the multibillion-dollar projects.
The government is also implementing massive development projects, including the construction of Mangapwani port, which will incorporate fishing port activities; oil and gas storage; processing industries and development of a modern city.
According to Minister of State in the President’s Office, Works, Economy and Investment Shariff Ali Shariff who spoke at an Unguja event recently, “Investment sector is significantly contributing to Zanzibar development vision 2050, which seeks to boost the economy, create jobs and reduce poverty among Zanzibaris.”
He said already Zanzibar has registered 16 projects with a capital of 377 million US dollars (over 1tri/-) for investment in small islands.
Zanzibar has as well opened up Pemba as a strategic investment zone, with the legal framework having already been modified to encourage investment on the islands. — NNN-DAILYNEWS
