Zanzibar registers record 300 investment projects in three years
What you need to know:
- Investment projects in the tourism sector have generated about 18,900 jobs for youth. Another project that generates employment is the real estate sector.
Dar es Salaam. The Zanzibar government has registered foreign direct investments worth $4.5 billion in the three years of President Hussein Ali Mwinyi’s administration.
The director of free economic zones at Zanzibar Investment Promotion Authority (ZIPA), Ms Halima Wagao, told participants during the Mwananchi Thought Leadership Forum (MTLF) on October 31, 2023, that a total of 300 projects have been registered during the period under review, breaking all past records.
Speaking at the MTLF that took place in Zanzibar for the first time, Ms Wagao said it took six years in the past to register the same amount registered by President Mwinyi in three years.
“Credit goes to President Mwinyi himself, who has personally taken on the task of promoting Zanzibar as an attractive investment destination. He is promoter number one during investment promotion campaigns that we conduct overseas,” she noted.
Investment projects in the tourism sector have generated about 18,900 jobs for youth. Another project that generates employment is the real estate sector.
Developers in real estate were encouraged by the fact that the government passed a law that gives foreigners who develop or buy housing units special residency permits.
She said the government has expanded the manufacturing sector by registering 36 industries, some of which were gleaned after President Mwinyi made a state visit to China in July.
These include motorcycle assembly plants, paper processing, and textile industries.
“We expect to receive a capital of $300 million for investments in small islands. Other than that, the government has received $20 million as initial payments to be used for land compensation for the project,” she said.
She noted that the government decided to open the small islands in order to diversify the economy by attracting high-end hospitality facilities.
Further, she said that Zipa is currently registering systems online, which has increased efficiency as investors can complete registration within three days without having to visit Zanzibar. This has eased doing business in Zanzibar.
