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CANCEL- Zanzibar secures $3B from Turkish firm to boost fishing

CANCEL- Zanzibar secures $3B from Turkish firm to boost fishing
CANCEL · Turkish investors to finance ambitious project in Indian Ocean archipelago of Tanzania, East Africa

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By Kizito Makoye

DAR ES SALAAM, Tanzania (AA) – A Tanzanian firm has sealed a $3 billion deal with a Turkish investment firm to develop modern fish processing facilities and a landing port, local officials said Saturday.

The investment in Zanzibar-based Salmin Fisheries by Northland Capital Investment is part of the government’s “blue” economy policy to give the ailing fishing sector a new lease on life, said Abdullah Kombo, Zanzibar’s minister for blue economy and fisheries.

He hailed the move as a milestone for the economy of the semi-autonomous Indian Ocean archipelago, and provide employment opportunities and markets for artisanal fishers.

Salmin Ibrahim, the company’s executive director, said the project is aimed to support small-scale fishers, adding: “The investors are willing to disburse the funds so that this ambitious project can take off as planned.”

The blue economy is one of the flagship sectors that Hussein Mwinyi, Zanzibar’s new president, has vowed to invest heavily in.

Deep-sea fishing, fish farming, and fish processing are some of the areas the East African government is seeking serious investments for to support struggling fishing communities.

The government is keen to explore multibillion-dollar marine resources, which have for many years been neglected and benefited foreigners.


source: News Feed
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