The Tanzania Investment Centre (TIC) registered 41 projects worth $339.2 million last month being 128 per cent increase as compared to 18 projects registered in February 2022. Out of 41 projects registered in February 2023, 34 per cent are fully owned by Tanzanians while 42 per cent are fully owned by Foreigners and 24 per...
On 11th March 2023, the Ministry of Water of Tanzania signed a contract with China Civil Engineering Construction Corporation (CCECC) to build a water project that will serve 28 cities in the Songea municipality. During the signing ceremony, the Deputy Minister of Water Hon. Engineer Maryprisca Mahundi explained that when the project worth TZS 145.7 billion...
Titan Lithium Inc, a US-based company, plans to expand its operations in Tanzania following the discovery of lithium deposits in the region. The company has found lithium deposits in two locations south of Mount Kilimanjaro that have the potential to make Tanzania one of the world’s leading countries in lithium production. The results of the...
The government has said the country has tight laws and regulations guiding foreign exchange trade in the wake of reports that Kenyan businesses are now sourcing dollars from Tanzania to meet manufacturers’ and general goods importers’ obligations. Kenya is currently facing an acute dollar shortage after its foreign exchange reserves dropped to a near 10-year...
Tanzania Petroleum Development Corporation (TPDC) has given the go-ahead to 20 companies to build Compressed Natural Gas (CNG) stations as part of a larger initiative to deliver cleaner and more affordable energy. TPDC’s Oil and Gas director Dr. Wellington Hudson disclosed this during a news conference here yesterday. He stated that some companies are entirely...
Private sector credit recorded an annual growth of 23.1 percent in January 2023, compared with 10 percent in January 2022 on account of supportive monetary and fiscal policies, and ongoing recovery of economic activities from adverse effects of global shocks. According to the Bank of Tanzania (BoT) Monthly Economic Review for January, 2023, credit to...
A ban on Tanzania’s bitter gourd exports to the European Union (EU) countries has lifted, clearing the way for the fruit to access its sprawling markets. EU Commission in Nov 2022, reported had detected an incidence of quarantine pest hosted in Tanzania’s Momordica Charantia (bitter gourd), warranting a blanket ban on the bitter gourd crop...
Trade volume between Tanzania and the 27 member states of the European Union (EU) stood at 1,306 million Euros (about 3.265tri/-) during the year 2021, with the latter enjoying the lion’s share of trade and investment. Speaking in Dar es Salaam yesterday ahead of the EU-Tanzania Business Forum slated for February 23 and 24 this...
African leaders are calling for more excellent private sector investment and support to fully realise the continent’s potential in the global energy transition. According to the president of Tanzania, building regional power pools in East and Southern Africa can ensure energy security across the continent. Africa is rich in natural resources and has the potential...