The Tanzania Investment Centre (TIC) has witnessed a remarkable increase of 26.1 per cent in newly registered projects during the period between July 2022 and June 2023, compared to the previous fiscal year of July 2021 to June 2022.
In the 2020/2021 financial year, 234 projects were registered, while 273 investment projects were registered in the 2021/2022 fiscal year, indicating a growth of 39 projects, equivalent to 14.3 per cent.
During the 2022/2023 financial year, 369 projects were registered, marking an impressive increase of 96 projects, equivalent to 26.1 per cent.
This surge in the number of registered projects can be attributed to various factors, including a reduction in registration fees for local investment projects. Previously, investment projects owned by locals were registered with a fee of $100,000, but now Tanzanians are required to pay only $50,000.
Another factor contributing to TIC’s success is the implementation of the Tanzania Electronic Investment Single Window System (TeSWS), streamlining access to TIC services for clients. Through TeSWS, stakeholders can access all necessary information efficiently and in real time, simplifying the investment process.
Furthermore, improvements in the laws governing investment matters have created a conducive and enabling investment environment. As a result, expansion and rehabilitation projects are now eligible for tax incentives, benefiting investors and encouraging more investments.
The use of Investment One-Stop centres has also played a significant role in the increase of registered projects. These centres provide services for all stakeholders involved in investment matters, making it convenient for investors to interact with various authorities in a single location.
Tanzania’s attractiveness as an investment destination can be attributed to factors such as low power tariffs, political stability, strategic geographical location, availability of skilled manpower, and improved transport infrastructure.
With these positive developments, the Tanzania Investment Centre continues to foster a favourable environment for investment, further promoting economic growth and development in the country.