Tanzania's investment value soars by 120 percent, agriculture leads

The number of projects also rose to 58 in August from 40 in July, TIC says.

While the invested funds are rising, the value of investments made in agriculture has increased by more than Sh275.53 billion in August compared to the amount invested in July this year.

The report released at the end of the week shows that investment in agriculture increased to Sh849.13 billion last month from Sh571.10 the previous month.

The number of investment projects registered by TIC in August this year increased to 10 from the three that were recorded in July 2023.

The 58 projects registered in August this year are expected to create over 25,700 jobs.

Contacted for comments, University of Dar es Salaam (UDSM) associate professor Abel Kinyondo said the sixth phase government has prioritised the development of the agriculture sector.

“The agriculture sector is currently the focus. Its budget has been increasing in recent years,” he said.

Prof Kinyondo said there are also major campaigns focusing on food security that will attract more investment in the sector.

A senior lecturer from the State University of Zanzibar (Suza), Prof Haji Semboja, said Tanzania is globally recognised for its potential in the agriculture sector.

“The agriculture sector has supportive policies, laws, and procedures that have been encouraging foreign investment,” he said.

Prof Semboja said the global market now looks at diversification, especially following the outbreak of the Russian-Ukraine war.