Zanzibar President Signals Strong Local Investment Climate with New Hotel Project Launch
Zanzibar is experiencing a robust economic transformation, with President Hussein Mwinyi highlighting the region’s growing investor confidence and strategic development initiatives. During the launch of a significant hotel expansion project, the President emphasized Zanzibar’s commitment to creating an attractive investment environment.
“Our sustained efforts are clearly showing results,” President Mwinyi stated. “We are systematically improving investment procedures, with the investment authority now capable of issuing certificates within 24 hours.”
The latest hotel project represents a substantial local investment, creating 188 jobs, with 96% of positions filled by local residents. The investor plans to develop additional projects valued at $25 million, including conference facilities designed to position Zanzibar as a premier international conference destination.
Key developmental strategies include:
– Streamlining investment procedures
– Connecting investment zones with quality infrastructure
– Prioritizing tourism as an economic growth driver
– Focusing on sustainable and green tourism investments
The government is actively implementing its Vision 2020-2050 development blueprint, targeting comprehensive economic transformation. By prioritizing infrastructure improvements, workforce skills development, and strategic sector investments, Zanzibar aims to become a significant business hub for East and Central Africa.
Investments have already shown promising results, with recent registrations indicating over $6.1 million in project investments and potential creation of 25,000 jobs across various sectors.
“Our goal is to create shared economic benefits through strategic, locally-driven investments,” the President emphasized, signaling a promising future for Zanzibar’s economic landscape.
