Tanzania has once again proven to be an attractive destination for investment, with the country receiving a total of $1.2 billion from 93 projects in the first three months of this year. This investment is expected to create over 16,400 job opportunities in the country.
The Tanzania Investment Centre (TIC) reported that this investment represents a 48.9% increase compared to the $787.4 million recorded in the same period in 2022 and a 160% increase compared to the $450.6 million approved investments in the first quarter of 2021.
Interestingly, most of the investment came from domestic sources, with local businesses contributing $887 million or 76% of the total approved assets. Foreign sources contributed $276 million or 24%.
The TIC’s Monthly Bulletin for March 2023 highlighted that the third quarter of the financial year 2022/2023 saw significant investment growth, driven largely by the construction of commercial buildings. The sector recorded an impressive investment worth $333.2 million compared to $2.3 million in the same quarter of the previous year.
This investment growth is a positive sign for Tanzania’s economic development, as it can lead to increased job opportunities and contribute to the country’s overall economic growth. The strong commitment from local businesses and entrepreneurs to invest in their own country is particularly encouraging, as it can help to create more sustainable economic growth and provide opportunities for local communities.
The growth in the construction sector also indicates a demand for new commercial buildings in the country. This could be due to population growth, urbanization, and increasing demand for office and retail space.
In summary, Tanzania’s investment climate continues to improve, and it is hoped that this trend will continue, leading to more job opportunities and economic growth for the country.