Dar targets 38 trillion/- investments by next year

TANZANIA: TANZANIA aims to attract new investment projects worth 38tri/- by next year in a countrywide campaign to attract local investors.

During a press conference in Dar es Salaam, Professor Kitila Mkumbo, the Minister of State in the President’s Office for Planning and Investment, announced that the Tanzania Investment Centre (TIC) plans to register investment projects worth 15 billion US dollars by 2025, which is equivalent to about 38tri/-.

In 2023, the country registered investment projects worth 5.6 billion US dollars, or about 14tri/-, revealed Prof Mkumbo.

A total of 504 projects were recorded that year, with 45 per cent being domestic investment, 29 per cent foreign investments, and the remaining 26 per cent joint ventures.

These projects are expected to create around 230,000 jobs. Prof Mkumbo stated that the ambitious goal of increasing investment in the country is based on attracting modern technologies, creating jobs, generating revenue, and earning foreign currency through diversified economic production.

“Increasing jobs for Tanzanians depends on diversified economic activities,” he said. He added that increasing local industrial production will reduce import stimulate exports, earn foreign currency, and promote value addition in the entire production chain.

Prof Mkumbo explained that the national investment campaign aims to encourage citizens to explore the various investment opportunities available in the country, in collaboration with foreign investors. He emphasised the importance of citizens being active participants in the investment process rather than just observers. “Despite inviting foreign investors, the country should ultimately be built by its citizens. The immense opportunities available are for everyone,” Prof Mkumbo said.

He declared that 2024 will be the year for the countrywide investment campaign and urged citizens to overcome the belief that business ventures are only for wealthy individuals, stating that it all starts with saving.

The national investment campaign will include raising awareness among citizens about how to register their investments through TIC, the incentives offered by the centre, and the approach to building solid networks with large investors from within the counlaboration with his department, aims to strengthen cooperation with regional commissioners, district commissioners, and local government administrators to ensure that the campaign reaches all citizens.

At the district and regional levels, seminars and symposiums will be held to provide information about investment. The campaign will culminate in a national investment forum in November of this year. In addition to the investment campaign, TIC and Ministry of Planning and Investment officials are currently conducting media tours from January 8 to February 9 to promote investment opportunities.

Tanzania, a powerful economy in East Africa and a peaceful country, offers promising investment opportunities in sectors such as tourism, agriculture, mining, manufacturing, infrastructure, as well as the emerging innovation and technology sector.

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