Investment: What We Know About Zanzibar’s Blue Economy
In 2020, Zanzibar initiated the Blue Economy Policy, a 10-year nationwide sectoral framework for the implementation of a sea-based economy
In 2020, Zanzibar initiated the Blue Economy Policy, a 10-year nationwide sectoral framework for the implementation of a sea-based economy characterized by better protection of the sea and sea resources, utilization of maritime and marine resources to support inclusive and sustainable economic growth as well as creating employment opportunities and reaping the economic potential of the sea without depleting the ecosystem.
Since its implementation, the government of Zanzibar has called for investments from global organizations and so far has received millions of dollars in donations from global bodies.
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.
President Hussein Mwinyi, in a speech read by the First Vice President, Othman Masoud at the opening of the business and investment forum organized by the Italian embassy in Zanzibar last week, revealed that the government was pleased at the outpour of support and still look forward to local and foreign investors to take advantage of the investment opportunities available on the islands in the fishing, infrastructure, tourism and oil and gas sectors.
Speaking on the partnership between the island and its major investor, Italy, the Minister in the Office of the President, Labour, Economy and Investment, Mudrik Soraga, said 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.
He said that strengthening cooperation between Zanzibar and Italy is one of the things that will bring good results for the people to get rid of poverty and increase the national income.