Tanzania doubles investment registrations in Q1 2024
Tanzania Investment Centre executive director Gilead Teri. PHOTO | FILE
What you need to know:
- The Tanzania Investment Centre (TIC) has recorded a 111 percent increase in the number of registered projects from 100 between January and March 2023 to 211 during this year’s corresponding period
Dar es Salaam. The Tanzania Investment Centre (TIC) has recorded a 111 percent increase in the number of registered projects from 100 between January and March 2023 to 211 during this year’s corresponding period.
The total project value also increased by $217.98 million (Sh566.75 billion) from $1.26 billion (Sh3.26 trillion) in the first quarter of 2023 to $1.48 billion (Sh3.85 trillion) in the first three months of 2024.
The number of jobs created increased to 24,931 this year compared to 17,016 that were created last year, which is a 46.5 percent increase.
These details are contained in the recently released TIC Quarterly Bulletin that covers the period of January to March 2024.
TIC executive director Gilead Teri attributes the achievements to several measures taken by the centre since President Samia Suluhu Hassan came into office.
Mr Teri says in the report’s preamble that implemented measures aim to facilitate the government’s ambition to increase investment attraction through the execution of the new Investment Act and the new corporate strategic plan to enable Tanzanians to invest in collaboration with foreign investors.
“Others are the implementation of the National Investment Promotion Campaign Phase One. TIC, in collaboration with the regional authorities, traversed 18 regions to showcase well-researched investment opportunities and incentives and provided seminars to more than 400 local businesses.
“Efforts are also underway, including carrying out investment roadshows in various countries to promote investment,” Mr Teri says.
He adds that in commemorating International Women's Day 2024, TIC highlighted remarkable business initiatives by Tanzanian women, underscoring the centre's belief in investing in women.
According to him, the centre targeted to register 1,000 projects this year, emphasising that the target would be realised.
Mr Teri expresses his confidence the target realisation would be supported by the government’s commitment to ensure there is economic growth and empowerment of citizens through the creation of favourable business environments.
Furthermore, the bulletin says the number of projects registered in the manufacturing sector increased from 34 last year to 104 this year, attracting $454.23 million and anticipated to create 11,961 jobs.
The transportation sector follows after registering 46 projects as compared to 27 projects listed last year.
The projects registered this year are worth $578.93 million and are anticipated to create 7,049 jobs, up from 4,959 generated in a similar period last year.
The tourism, commercial buildings, and agriculture sectors follow in the list of segments that have registered many projects in the third quarter of the 2023/24 fiscal year.
Furthermore, the bulletin shows that the value of capital attracted by commercial buildings increased to $333.17 million from $250.19 million recorded last year.
The tourism and agriculture sectors come next by bringing in $162.88 million and $107.01 million, respectively.
Regarding job creation, the document says agriculture generated 4,510 jobs as compared to 2,756 recorded last year, followed by tourism, services, and commercial buildings.
