Key strategies to developing Zanzibar into a world-class destination
Zanzibar had the opportunity to garner from Sithanen how to develop its own potential as a world-class luxury tourist destination and facilitate foreign direct investment.
Three key investment strategies
On 7 June 2017, Said introduced Sithanen to 40 key stakeholders and contributors to Zanzibar’s’ economic growth - these were representatives from Zanzibar Association of Tourism Investors (ZATI), Zanzibar National Chamber of Commerce, Zanzibar National Industry and Agriculture (ZNCCIA), Zanzibar Association of Tour Operators (ZATO) at a meeting held at the Serena Hotel. Sithanen addressed members and suggested that Zanzibar should embrace three key strategies that helped Mauritius. “There should be investment in infrastructure, investment in people and in institutions,” said Sithanen.
Transformation through education
Additionally, Sithanen stressed the importance of the private sector giving back to the local communities through CSR programmes and policies that capture back. He offers the example of his own successful enterprise, which contributes 2% of the company’s profits to organisations and community programmes that focus on education, youth and women’s programmes, social housing, and social integration. Sithanen remarks education and training is one of the key factors contributing to the transformational success, and thus primary to tertiary education, and vocational training in Mauritius is free for all Mauritians.
The transformational process in Mauritius is based on inclusion by way of education and employment, and economic diversification in order to move from a monoculture economy to one based on industry and services, finally reaching an innovation-driven economy.
Diversifying the economy
“Regional integration is also a vital aspect of growing the economy. Mauritius' success is based on its ‘openness’ and having a conducive environment to attract investors.
Another factor is diversification and transformation of the economy. It is key for a country to look into diversifying its economy and not only rely on one particular aspect of its core economy.”
Sithanen suggested that Zanzibar finds its competitive advantage and use it as a tool to diversify its economy. He also mentioned that there are bound to be shortcomings, but it will be a learning process towards achieving the economic transformation. Furthermore, Sithanen said that having good marketing strategies and a need for a strong investment agency to build the country’s reputation to the world and attract investors is an important asset.
During his last day in Zanzibar, he met with prominent government officials and discuss development strategies and other matters on investment.
