The Revolutionary Government of Zanzibar is set to host the Zanzibar Seaweed Investment Forum from November 18-20 in Unguja, aiming to attract investments worth up to $127 million. The forum seeks to promote domestic processing, drive value addition, and unlock private capital for the blue economy. This initiative is expected to transform the industry from raw exports into a competitive sector that creates jobs and increases export earnings.
Zanzibar's Minister for Blue Economy and Fisheries, Mudrik Ramadhan Soraga, emphasized that the forum is a key catalyst for the industry's transformation. He noted that the event will bring together international investors, commercial buyers, development financiers, policymakers, researchers, and technology providers from various countries. The goal is to secure project commitments ranging from $46 million to $127 million.
Zanzibar is among Africa's leading seaweed producers, with the crop supporting thousands of coastal farmers, predominantly women. However, the archipelago continues to export most of its harvest in raw form, depriving it of substantial revenue opportunities from local processing and manufacturing. The government aims to address this gap through the forum.
The Zanzibar Seaweed Investment Forum is a collaborative effort between the Ministry of Blue Economy and Fisheries, the United Nations Development Programme, the Zanzibar Investment Promotion Authority, and the Zanzibar Maisha Bora Foundation. The event will provide a strategic platform to strengthen the sector and uplift coastal communities whose livelihoods rely heavily on seaweed farming.
The forum's organizers expect to attract investments across the entire value chain, from production to processing and manufacturing. This is expected to create new opportunities for job creation and increase export earnings. The government's efforts to boost the seaweed industry are part of its broader strategy to tap into the $2.6 trillion ocean economy.
The Zanzibar Seaweed Investment Forum will feature participants from various countries, including the US, India, South Korea, Canada, Indonesia, Sweden, Austria, the UK, Kenya, Malaysia, and Spain. The event aims to showcase the potential of Zanzibar's seaweed industry and provide a platform for networking and partnership-building.
The success of the forum is expected to have a positive impact on Zanzibar's economy and coastal communities. With the right investments, the seaweed industry can become a significant contributor to the archipelago's economic growth and development. The government's efforts to promote the industry are a step towards achieving this goal.
Key points
- The Zanzibar Seaweed Investment Forum aims to attract investments worth up to $127 million to boost the seaweed industry.
- The forum seeks to promote domestic processing, drive value addition, and unlock private capital for the blue economy.
- The event will bring together international investors, commercial buyers, development financiers, policymakers, researchers, and technology providers from various countries.
