- Investment value surges by 80%
- President Samia’s economic diplomacy and improved business environment drive investment growth.
The Tanzania Investment Center (TIC) has registered projects worth $1.4 billion (approximately TZS 4 trillion) in the last three months of the past year.
This marks an 80% increase compared to projects valued at $769.6 million registered in the same period of the previous year (October-December 2022).
The substantial increase in investments can be attributed to President Samia Suluhu Hassan’s overseas visits aimed at attracting investors through economic diplomacy and the enhanced business environment in the country, which has enticed both local and international investors.
President Samia has travelled worldwide accompanied by Tanzanian business leaders to foster trade and investment between Tanzania and foreign nations.
According to the latest TIC report, 161 projects were registered from October to December 2023, compared to 58 projects in the same period in 2022, reflecting a remarkable 178% increase.
The top five sectors leading in these investments are manufacturing ($690.8 million), transportation ($241.8 million), services ($122.5 million), agriculture ($89.1 million), and tourism ($83.3 million).
Projects registered from October to December 2023 are expected to generate 18,390 new jobs, an increase from the 10,216 jobs created in the same period in 2022.
Gilead Teri, the CEO of TIC, stated that the centre had initiated a unique campaign to promote domestic investment.
“Our goal is to register domestic investment projects worth $3.5 billion (TZS 9 trillion) by 2028,” Teri said.
According to TIC statistics, Dar es Salaam and Pwani regions have attracted the most significant investments in the country in the last three months of the past year.
Dar es Salaam secured projects worth $454.7 million, while the Pwani region obtained projects worth $380.7 million.