Dear Readers,
These are truly exciting times for Zanzibar in terms of business and investment opportunities. This moment has the potential not only to define Zanzibar, renowned as the Spice Islands, but also to propel the archipelago into the forefront of the business and investment arena, a position it has been striving for over many years.
The articles featured in this inaugural edition of Business Insight magazine provide a glimpse into the developments unfolding on the ground. Zanzibar is not only opening up internally but also to the world, a significant shift considering historical precedents. This resurgence signifies Zanzibar’s determined effort to reclaim its rightful position, independent of reliance solely on Monsoon Winds.
Evidences of Zanzibar’s newfound openness abound. The articles within this magazine portray the trajectory that Zanzibar is embarking upon, underscoring the importance of maintaining this momentum and enthusiasm at all costs for the betterment of Zanzibar. The strategic significance of its location is now being realized and efforts to enhance and solidify this position are underway.Top of FormBottom of Form
In this maiden edition, we are proud to feature our cover story on the Zanzibar Investment Act of 2023, recently signed by the President of Zanzibar and Chairman of the Revolutionary Council, H.E. Hussein Mwinyi. This landmark legislation marks a pivotal moment in our journey towards economic prosperity and underscores Zanzibar’s commitment to fostering a conducive environment for investment and growth. Let us hope the new act has taken aboard all experience gathered in the implementation of the defunct act so as to push Zanzibar as center of not only hope and prosperity, but also resilience and excellence in business and investment.
As Zanzibar is embracing information technology with idea on a smart city engineered by Zanzibar ICT Infrastructure Agency (ZICTIA), The Director General of Zanzibar Information and Communication Infrastructure Agency (ZICTIA), Mr. Shukuru Suleyman Awadh, recently spoke with ZiBi Magazine affirming the island genuine commitment to embrace digitalization engineered by the agency.
With Blue Economy on the trend and in implementation, we have published in this magazine articles on 4.5 billion shillings tagged Sea Cucumber projects, the Carbon trade economy with global estimation of $87.9 billion and now gaining momentum in Zanzibar, and not forgetting the United Nations recognized Sustainable Development Goal 14 ‘Life Below Water’, strategically being run by a powerful player Zanzibar Marine & Diving Services Limited (ZMDS).
Zanzibar’s Utility Regulatory Authority (ZURA) plays a pivotal role in lubricating the economic machinery and ensuring that utilities operate at an optimal pace without disadvantaging investors. According to ZURA, Zanzibar currently has the capacity to store 21,000,000 litres of fuel, including 8,000,000 litres of petrol, 4,000,000 litres of jet fuel, and 1,000,000 litres of kerosene, sufficient for an average of one month. This indicates a secure supply chain.
This magazine, produced by Mwanana Communication and slated to be quarterly, features several articles on financing, including a spotlight on the People’s Bank of Zanzibar, which plays a significant role in shaping Zanzibar’s business and investment landscape. Recently, the bank achieved a milestone by reaching assets worth TZS 2.0 trillion, earning it the prestigious title of “a trillion shillings.”
Dr. Mohammed Mansour contributes a compelling article advocating for the use of Islamic project financing known as Sukuk. Global Sukuk issuance was projected to reach $257 billion by 2027, reflecting its growing importance in the global financial landscape.
Additionally, an article focuses on the Zanzibar Investment Promotion Authority (ZIPA), highlighting its pivotal role in facilitating incoming investments. Over the past three years, 296 investments were registered, creating 18,900 jobs and amounting to USD 4.5 billion (11.9 trillion TZS) in value.
We earnestly hope that this magazine serves as a platform not only for showcasing success stories but also for addressing challenges and fostering discussion and networking opportunities for the benefit of both local and foreign investors.
Welcome to the inaugural issue of Business Insights, a publication dedicated to showcasing Zanzibar’s rightful place in the global business arena, with doors wide open for opportunities and collaboration.
