President Mwinyi addresses concerns about increasing foreign investments in Zanzibar

Dar es Salaam. The President of Zanzibar, Dr Hussein Mwinyi, has responded to concerns about the surge in foreign investment in the islands during his tenure.

Speaking during a fireside chat with Bakari Machumu, Managing Director of Mwananchi Communications Limited (MCL), in Zanzibar on October 31, 2023, President Mwinyi emphasised that investments involve individuals bringing capital into the country for mutually beneficial arrangements.

“There's no need to worry. I often use this analogy: when people invest $100 million in Zanzibar on one of our islands, there is no situation where they will take the island away. The island, along with all the associated developments like hotels, will always remain in Zanzibar. This investment will, in turn, generate employment, tax revenue, and provide a market for our local products."

President Mwinyi further elaborated that his administration favours win-win investments.

"It's not realistic to expect someone to invest in your country without benefiting from it. We consistently encourage investments that benefit all parties involved. Otherwise, no one will be motivated to invest. Our goal is to ensure that the interests of Zanzibaris are also given top priority," he said.