ZANZIBAR Second Vice President, Hemed Suleiman Abdulla, has hailed the signing of a strategic cooperation agreement between Zanzibar Investment Promotion Authority (ZIPA) and France’s Public Investment Bank (BPI) as a clear demonstration of mutual commitment to advancing development projects in the isles.

Speaking during the official signing ceremony held at the weekend in Zanzibar, Hemed said the agreement reflects a shared vision to strengthen economic cooperation, exchange economic and commercial systems and create new investment opportunities between Zanzibar and France.

“The partnership focuses on financial investment and will open doors for knowledge-sharing and professional exchanges, enhancing the capacity of our local experts,” he said.

He emphasized that the cooperation would not only benefit international investors but also empower local entrepreneurs by improving access to essential production tools, helping them scale their businesses and compete in the global market.

He added that the government continues to foster a business-friendly environment, believing that economic success thrives through collaboration and innovation. 

“The agreements underscore our readiness to work together in ways that will yield tangible results for investment and economic growth,” he stated.

Minister of State in the President’s Office (State House Affairs and Diaspora), Ali Suleiman Ameir, said the agreement marks a solid foundation for implementing robust strategies aimed at strengthening Zanzibar’s economy.

He noted that BPI is committed to supporting Zanzibar’s economic growth through various sectors as part of its mission to promote sustainable development in trade and investment.

Saleh Saad Mohamed, Director General of ZIPA, echoed the sentiment, saying the agreement would accelerate Zanzibar’s economic development and raise individual incomes.

“The agreements will spark positive changes in business and economic structures, enabling private institutions to grow while creating new jobs that will contribute significantly to Zanzibar’s economic advancement,” he said.

Anne-Sophie Avé, French Ambassador to Tanzania, praised the partnership, saying the collaboration between BPI and ZIPA aims to support Zanzibar’s economic transformation with a strong focus on sectors such as oil and gas, manufacturing, infrastructure and tourism.