ZANZIBAR intends to establish a supportive system for emerging businesses with growth potential, aimed at enhancing individual and wider economic development.

President Dr Hussein Mwinyi announced the plans when opening the third joint conference of the Zanzibar Research Centre for socio-economic and policy analysis (ZRCP) yesterday.

Abundance of talented young entrepreneurs requires nurturing of these individuals to promote inclusive and sustainable economic growth, he said, pointing at the need for a supportive and innovative environment that allows entrepreneurs to develop profitable businesses, furthering their talents for collective benefit.

He cited examples like the Netherlands, India and South Korea, along with Kenya, Tunisia, South Africa and Nigeria as having successfully utilized similar systems to tackle economic and social challenges.

This has boosted national income, enhanced GDP and created high-value jobs in various sectors, he said, urging conference organizers to ensure that the discussions yield practical benefits tailored to the economic and business landscape.

The government remains committed to fostering favourable conditions to strengthen regulatory agencies, enabling young people to refine their skills and contribute to talent development, he signalled to stakeholders and participants.

Public institutions also need current policies and guidelines designed to facilitate the nurturing of talent across various fields of creativity and technology, he stated.

Dr Saada Mkuya Salum, the Finance and Planning state minister in the President's Office, emphasized that ZRCP research is pivotal for driving government objectives and fostering changes by the use of science and technology.

There is a need for a robust mechanism to track research outcomes as Zanzibar works toward establishing a capital market, she asserted, while Juma Reli, the ZRCP executive director, noted the institution’s commitment to providing high quality impactful research for the East African region.

He assured the government of ZRCP's readiness to collaborate with public institutions with professionalism, integrity and transparency.

The two-day conference brought together stakeholders from public agencies and private firms, the development partners and multilateral organizations, focusing on leveraging technology and research to address challenges facing emerging entrepreneurs.