ZANZIBAR: ZANZIBAR President Dr Hussein Ali Mwinyi has invited Singaporean investors to explore opportunities in the blue economy, energy, tourism and technology sectors, describing stronger economic cooperation as the next phase of relations between the two sides.
Speaking during talks with Singapore President Tharman Shanmugaratnam at the State House yesterday, Dr Mwinyi said the long-standing friendship between the two nations should increasingly be reflected in trade, investment and development partnerships that deliver mutual benefits.
“The friendship between our countries is strong and longstanding and we now have an opportunity to take our cooperation to a higher level through trade, investment and economic partnerships,” he said.
He said Zanzibar is ready to open a new chapter of cooperation with Singapore through economic diplomacy and the exchange of expertise in education, technology, innovation and workforce development.
The President invited Singaporean companies and investors to explore opportunities in key sectors of the economy, particularly the blue economy, which he described as one of Zanzibar’s most promising areas for growth.
Dr Mwinyi said Zanzibar is seeking strategic investors in oil and natural gas exploration, deep-sea fishing and marine product processing, noting that preliminary studies have indicated the presence of energy resources in some parts of the Isles.
He also highlighted the need for investment in seaweed value-addition industries, saying the sector supports thousands of livelihoods and holds significant potential for expanding exports and creating jobs.
In the energy sector, he said rising demand driven by tourism growth, new hotels and major development projects has created opportunities for further investment in electricity generation and distribution.
“We welcome investors who are ready to partner with us in unlocking opportunities in the blue economy, energy, tourism and other strategic sectors that will drive sustainable growth,” Dr Mwinyi said.
The President further called for cooperation in digital transformation, including support for expanding digital public services, building institutional capacity and providing training opportunities for Zanzibaris in Singapore.
Dr Mwinyi said President Shanmugaratnam’s visit marks a significant step in advancing bilateral relations and creating new opportunities for economic cooperation and development.
For his part, President Tharman reaffirmed Singapore’s commitment to strengthening cooperation with Zanzibar and supporting its development agenda.
He praised the progress being made across the Isles and said Singapore would encourage its investors and business community to explore opportunities in Zanzibar.
“We look forward to expanding cooperation and encouraging more Singaporean businesses to explore opportunities that will contribute to Zanzibar’s continued development,” President Shanmugaratnam said.
The two leaders expressed confidence that stronger economic engagement would deepen relations between their countries and deliver tangible benefits for their people.
Meanwhile, Singapore President Shanmugaratnam has called on African countries to strengthen domestic resource mobilisation, improve governance and create enabling environments for private sector growth as a pathway to sustainable development and economic transformation.
Delivering a public lecture titled “Investing in the Drivers of Inclusive Growth” at the University of Dar es Salaam (UDSM) on Tuesday, President Shanmugaratnam said shifting global economic conditions require African nations to rely more on domestic financing rather than external funding.
“Africa will need to engage in more domestic resource mobilisation because the world has changed,” he said, noting that international capital flows are unlikely to return to previous levels.
He emphasised the need to broaden tax bases, strengthen tax administration systems and curb illicit financial flows that deprive governments of critical development revenue.
According to him, governments should prioritise the provision of essential public goods such as quality education, healthcare, research, innovation and basic infrastructure, while allowing the private sector to drive economic growth.
“The public sector should provide public goods, while most resources for economic growth have to be generated by the private sector,” he said.
President Shanmugaratnam said a strong private sector requires predictable regulations, sound governance and consistent long-term policies that encourage investment and innovation.
He said that African countries, including Tanzania, continue to face disproportionately high borrowing costs despite improvements in governance and public financial management.
“The global financial system gives significant advantages to a few major economies, while African countries often face excessive interest rates that are not always justified by actual risks,” he said.
He called for stronger cooperation among governments, international financial institutions, credit rating agencies, and market players to improve risk assessment frameworks and help reduce borrowing costs for African economies.
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Minister for Foreign Affairs Mahmoud Thabit Kombo said the lecture formed part of efforts to deepen economic and diplomatic relations between Tanzania and Singapore.
Participants at the lecture described his address as a timely reflection on global challenges and a roadmap for transforming them into opportunities for inclusive and sustainable growth.