ZIPA ATTRACTS OVER $3.2BN PROJECTS, WANTS SPICE WEALTH FULLY TAPPED
By Felister Peter
The Zanzibar Investment Promotion
Authority (ZIPA) has so far attracted 519 projects in different sectors with a
proposed capital of USD3.2bn.
But the investment promotion agency
feels that little has been done by local and foreign investors to tap the
potentials of the Isles unique economy—spices--by adding value.
ZIPA Executive Director Salum Nassor
made the appeal recently in London during his presentation at the Tanzania-UK
Trade and Investment Summit, 2014 which attracted more than 150 British
investors.
Known as ‘the Spice Islands’, Zanzibar
is renowned for its exports of quality exotic home-grown spices to the world
market.
The spice sector offers great potential
for expansion and creation of forward linkages through value addition, he said,
adding that Zanzibar has variety of traditional spices including cloves,
cinnamon, cardamom, nutmeg, black pepper and chillies.
“There are many untapped opportunities
especially on traditional spices, investors can inject money in value addition
and processing products such as perfumes, perfumed soap, medication and food
processing items.
Nassor said that investors in Zanzibar
are protected both constitutionally and through international conventions such
as the Multilateral Investment Guarantee Agency (MIGA) and International Centre
for the Settlement of Investment Disputes (ICSID).
Others are Convention for the
Protection of Industrial Property (CPIP) and the Convention on Recognition and
Enforcement of Foreign Arbitration Award (CREFAA)
According to him, there are also investment potentials in construction of modern commercial port at Mpigaduri area. He said such investments are done under concessional arrangements between the investor and the government.
According to him, there are also investment potentials in construction of modern commercial port at Mpigaduri area. He said such investments are done under concessional arrangements between the investor and the government.
Tourism is the leading sector,
representing more than 64 percent of total investment projects. The other
sectors are fisheries, manufacturing, construction, electric power, gas, water
supply, transport, communication, real estate, education, tour operations,
health and social work.
According to ZIPA, currently the
leading investors in Zanzibar with their percentages in brackets are Kenya
(44), UK (19), United Arab Emirates (9), South Africa (7), Swiss (3), Italy
(9), Mauritius (3), Poland (3), the Netherlands (2) and Belgium (2).
SOURCE: THE GUARDIAN 9th April
2014
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