PRESIDENT Hussein Mwinyi on Monday welcomed Stanbic Bank Tanzania's plan to open a branch in Zanzibar, saying that will heighten cooperation between the financial institution and the government.

He appreciated the bank's support to government efforts in execution of its development strategies and plans.

President Mwinyi was speaking at Vuga-based State House when he hosted the bank's Managing Director, Kevin Wingfield-led delegation.

"Your keenness to cooperate with the government will have great impact on the economic development of Zanzibar, especially through your financial services to Zanzibaris," Dr Mwinyi told his visitors.

During the talks, the president detailed the government's development strategies through the blue economy policy, social sector and economic empowerment of wananchi.

He said the country has many economic opportunities under the blue economy, assuring that the government is ready to work closely with the bank to achieve its goals under the blue economy policy.

Dr Mwinyi cited some of the priorities under the blue economy policy as tourism; deep sea fishing; oil and gas; port and transportation.

He said through the fishing sector, the government intends to liberate fishermen through providing them with skills and modern fishing tools, making reference to majority small-scale fishermen who remain poor due to lack of reliable markets and use of poor fishing gears.

The president further assured of conducive business environment, which the government has put in place to facilitate investments in various sectors, inviting the prospective investors to Zanzibar.

Mr Wingfield told the president that the bank plans to open branches in the islands in support of the government efforts towards development.

The bank chief briefed the president on the bank's experience, strategies and activities, especially in financing the public and private sectors' development, saying besides Tanzania, Stanbic bank has branches in many countries.

Meanwhile, President Mwinyi met and held talks with Italian investors who expressed interest to invest in Zanzibar, citing the friendly business environment as among the incentives.

Copyright Tanzania Daily News. Distributed by AllAfrica Global Media (allAfrica.com)., source News Service English