According to the Tanzania Investment Centre (TIC), the value of investment projects surged by over 60 percent to $1.61 billion in the quarter ending June 2024.
The agency’s latest quarterly report showed that this increase reflects a rising interest in investing in the country, which saw 198 projects initiated during this period. In the same quarter last year, TIC recorded 129 projects valued at $1 billion.
The report also noted a significant rise in job creation, with 96,278 new jobs added compared to just 14,631 in the corresponding quarter the previous year.
TIC’s executive director, Mr. Gilead Teri, emphasized the strong attraction of both domestic and foreign direct investments (FDIs). “FDIs represented a notable increase of 136.35 percent, totaling $938.32 million compared to the same quarter in 2023, while domestic investments reached $681.48 million,” he stated.
He added that the agency is focused on addressing local challenges, expanding investment opportunities, and encouraging local entrepreneurs to take advantage of available incentives.
Mr. Teri highlighted that the ongoing national investment promotion campaign and targeted roadshows have been key in attracting both foreign and domestic capital.
The report indicated that the manufacturing sector attracted the most investment, totaling $636.84 million, followed by commercial buildings at $251.71 million, human resources at $112 million, transportation at $91 million, and tourism at $62 million.
During the fourth quarter of the 2023/2024 financial year, the top five sources of FDIs in Tanzania were Russia, China, the United Kingdom, Bermuda, and the United Arab Emirates. Russia contributed $324.63 million, followed by China with $173.33 million, the UK with $160.46 million, Bermuda with $50.29 million, and the UAE with $36.21 million.