Zanzibar, a semi-autonomous region of Tanzania, is this week holding a trade exhibition in a bid to attract investors from Africa, Asia and the Middle East.
The Second Vice-President of Zanzibar, Mr Seif Ali Iddi, opened the high profile event at Maisara Grounds in Unguja, an Island in Tanzania, on Sunday, January 7th, 2018.
Unguja is the largest and most populated island of the Zanzibar archipelago.
According to a timetable, the 10-day event will attract business people from the aforementioned regions.
Tourism is a major foreign currency earner for Zanzibar, which the Tanzanian government has established as a free port area.
The free port directive contributes to economic diversification by providing a window for free trade as well as stimulating the establishment of support services. It also provides the administration of a regime that imports, exports, and warehouses general merchandise.
According to the Bureau of African Affairs, a United States organisation with operations in Sub Saharan Africa, it provides infrastructure to cater for effective operation of trade.
The island’s manufacturing sector is limited mainly to import substitution industries, such as cigarettes, shoes, and processed agricultural products. The Bureau has established that Zanzibar still imports much of its staple requirements as well as petroleum products and manufactured articles.
The trade exhibition hopes to reinvigorate the region’s trade sector by connecting Tanzania to international markets and new investment opportunities.