Tanzania’s Foreign Affairs and East African Cooperation Minister, Ambassador Mahmoud Thabit Kombo, has unveiled Zanzibar’s ambition to position itself as East Africa’s premier financial hub, pitching the archipelago as a stable, strategic, and innovation-driven destination for global investment.
Speaking at a high-level dialogue at London’s historic Guildhall, Kombo stressed that Zanzibar is undergoing deep economic reforms to attract investors, create jobs, and integrate into international financial systems.
The meeting, themed “Positioning Zanzibar as East Africa’s Premier Financial Centre,” brought together financial leaders, policymakers, and investors from the United Kingdom and beyond.
“Zanzibar is on a transformative journey aimed at unlocking economic growth and expanding opportunities for its people. Our ambition is to make Zanzibar a gateway for international finance, a trusted centre for arbitration and commercial courts, and a platform for innovation in the financial sector,” Kombo said.
The event was organised by Alderman Professor Emma Edhem in collaboration with Tanzania’s High Commission in the UK, led by Ambassador Mbelwa Kairuki.
It provided a platform to explore how Zanzibar can leverage its geographical position, connecting Africa, the Middle East, and Asia, alongside its political stability and ongoing infrastructure investments in ports, energy, and digital systems.
Kombo emphasised that transparency, good governance, and adherence to international standards are critical for building investor confidence.
He noted that the proposed financial hub would not only strengthen the financial sector but also spur growth in tourism, energy, the blue economy, manufacturing, and digital services.
It is also expected to foster innovation through partnerships with universities and research institutions while creating jobs and enhancing commercial dispute resolution systems.
He urged collaboration across finance, policy, law, construction, infrastructure, and technology to develop a resilient and competitive ecosystem.
“This dialogue is an important step towards exchanging ideas and building lasting cooperation. Together, we can transform Zanzibar into a symbol of innovation, resilience, and opportunity for Africa and the world,” Kombo added.
Analysts say the initiative, if successfully executed, could reposition Zanzibar as a key player in the region’s financial services industry, competing with established hubs like Nairobi and Kigali.
The vision also reflects Tanzania’s broader strategy to diversify its economy and strengthen its role in regional and global markets.