Unlocking Zanzibar's Potential: UNDP and Partners Launch Investment Guide for Sustainable Development and Economic Growth
March 10, 2023
The Revolutionary Government of Zanzibar, along with UNDP, UNCTAD, and their partners, launched the Zanzibar Investment Guide on March 10th. This guide is a critical tool for promoting sustainable development and accelerating progress towards the Sustainable Development Goals (SDGs) in Zanzibar.
Zanzibar, an island with unique challenges in achieving inclusivity in its recovery measures, can now leverage this investment guide to direct capital flows towards sectors that promote overall development, such as agriculture, healthcare, education, and industrial sectors. UNDP has worked alongside the government to launch investment guides in 26 regions across mainland Tanzania, making a significant impact on development and economic growth. Now, with the launch of the Zanzibar Investment Guide, UNDP aims to extend its reach to the island, driving sustainable development across Tanzania.
The collaborative efforts between the government and UNDP are expected to accelerate investment and create job opportunities in Zanzibar, ultimately leading to the achievement of SDGs. As affirmed by Zlatan Milisic United Nations Resident Coordinator in Tanzania, “the United Nations is committed to strengthening collaboration with Zanzibar to unlock financing for SDG acceleration through implementing the National Integrated Financing Framework that will enable a sound, sustainable, and resilient development financing architecture.” Additionally, this initiative is anticipated to advance gender equality and create opportunities for women in Zanzibar. Women's participation in the labor force is low, particularly in the formal sector, and they face various challenges in accessing resources to start or expand their businesses or find employment. However, with the availability of the investment guide, women-led businesses can leverage the opportunities and resources to expand their businesses and pursue emerging job opportunities, ultimately leading to economic empowerment and greater participation in the formal sector.
The President of the Revolutionary Government of Zanzibar, H.E. Dr. Hussein Ali Mwinyi, emphasised the importance of collaboration in promoting investment and economic growth in Zanzibar. The government will continue to collaborate with various stakeholders, including development partners and the private sector, to strengthen and enhance the business environment and investment in Zanzibar.
The Zanzibar Investment Guide is a significant step towards promoting inclusive and resilient economic growth in Zanzibar. It provides an opportunity for businesses, investors, and policymakers to align their activities with the SDGs and promote sustainable development. Christine Musisi, UNDP Resident Representative, said, "In the wake of the multiple global crises, we need to find innovative ways to leverage financing to achieve the SDGs. UNDP in collaboration with the government, donors and other partners is engaging with businesses, investors, and policymakers to encourage the alignment of their activities with the SDGs to promote inclusive and resilient economic growth."
The report can be accessed HERE
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