Investments more than doubled in Jan-March quarter

TANZANIA: FOREIGN and domestic investments have increased by 111 per cent in the third quarter of 2023/24 thanks to the government’s initiative to improve the business environment, Tanzania Investment Centre (TIC) has said.

The Centre said in its Quarterly Bulleting report for January to March that 211 projects were registered from January to March this year compared to 100 projects registered in a corresponding period last year.

The projects in the third quarter of 2023/24 were valued at 1,475 million US dollars (3.83tri/-) against 1,257 million US dollars (3.26tri/-) in the similar period last year.

TIC’s Executive Director Mr Gilead Teri said in the quarterly bulletin that at the beginning of the year, they set ambitious goals aimed at leveraging the opportunities bestowed upon the country to enhance productive investments for the nation.

“…The government’s commitment to ensuring economic growth and citizen empowerment by creating favorable business environments is what propels us towards believing we can attain the goal,” Mr Teri said.

According to the publication, the number of projects registered in 2023/24 in quarter three is expected to generate 24,931 new job opportunities compared to 17,016 jobs in a similar period last year.

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The transportation sector also performed well with a projected capital of 479.55 million US dollars (1.24tri/-), followed by the manufacturing 454.23 million US dollars, commercial building 250.19 million US dollars, and tourism sectors 162.88 million US dollars.

Furthermore, ownership of projects also increased for both foreign, Joint Venture (JV), and local entities where the number of projects owned by foreign entities increased to 96 from 41 registered in the same period last year. In terms of JV ownership, the number of projects remains the same as the previous quarter, with 24 projects registered in Q3 of the previous year.

The publication also shows that local entities have increased their ownership of projects to 91 from 35 recorded in the corresponding quarter last year. In the regional distribution of projects during the quarter, the report shows the majority of the projects registered located in Dar es Salaam, which attracted 85 projects, followed by Coast with 52 projects and Arusha with 10 projects.

Moreover, on the Foreign Direct Investments (FDIs) the report showed throughout the quarter, TIC has been engaged in active investment promotion and facilitation initiatives targeting to attract and facilitate investment activities for both domestic and foreign investors.

TIC investment data during the quarter reveals that FDI constituted a major share of the overall approved projects worth 770.20 US million dollars, equivalent to 52 per cent.

It is worth noting that, during the recent past, the government through the Investment Act and other strategies has instituted measures aiming at enabling Tanzanians to invest in the country which is gradually proving to bear positive results.

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