DODOMA: TANZANIA has witnessed a gigantic investment boom in four years of President Samia Suluhu Hassan, with the Tanzania Investment Centre (TIC) alone registering 2,020 projects valued at 23.67 billion US dollars (about 61.8tri/-).
The numbers recorded between January 2021 and January 2025, show that this is an increment of 91 per cent compared to 1,057 that were recorded during the corresponding period between 2017 and 2020 Out of the recorded projects, 34.3 per cent of them are being run by Tanzanian citizens while 42.6 are owned by foreign investors.
Also, 23.1 per cent of the project are being undertaken in joint ventures between local and international investors.
According to the TIC Executive Director, Mr Gilead Teri, the registered projects created 523,891 employment opportunities, which is an increase of 284.5 per cent compared to 136,232 jobs that were created within four years between 2017 and 2020.
The TIC Executive Director was speaking in Dodoma yesterday during his meeting with journalists to elaborate investments achievements recorded during four years of President Samia in office.
Mr Teri attributed the success on the investment sector with conducive legal and regulatory measures, political will and President Samia’s aggressive initiatives in pushing for economic diplomacy.
According to him, the leading sectors that attracted many projects were manufacturing (917 projects), transport (348 projects), commercial building (204 projects) tourism (191 projects) and agriculture, which recorded 180 projects.
He added, 2024 had recorded a tremendous achievement in the investment record by registering 901projects valued at 9.31 billion US dollars (about 24.2tri/-), an increase from 526 projects valued 5.72 billion US dollars registered during the corresponding period in 2023.
“In different occasions, Minister of State in the President’s Office (Planning and Investment), Professor Kitila Mkumbo has publicly declared that 2024 was the record-breaking year for attracting many investments since the Tanzania Investment Centre (TIC) was established in 1997.
The leading regions for attracting investment, according to the TIC boss, are Dar es Salaam, Coast Region, Arusha, Dodoma and Mwanza due to their potentiality of markets and transport logistics.
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The minister said looking ahead, the government is targeting to attract 1,500 projects valued 15 billion US dollars (about 39tri/-) at the end of this year, specifically in manufacturing, cleaner energy, service, agriculture, real estate and tourism sectors.
According to him, the government will continue to improve business environment to ensure Tanzania is becoming the best investment destination.
Furthermore, Mr Teri said that there has been a great surge in the investments from outside the country due to greater efforts by President Samia in marketing the country and declaring investment opportunities available in the country.
On the international investment, the TIC Executive Director mentioned the top 10 countries with greater investment capital as China, United Kingdom, US, Mauritius, India, Vietnam, United Arab Emirates, Kenya, Australia and Egypt.
