DAR ES SALAAM: THE government is intending to register,500 projects worth 15 billion US dollars(about 38tri/-) in the ongoing calendar year.
The ambitious goal follows the government’s ground breaking record of attracting investments since independence, whereby last year a total of 901 projects valued at 9.3 billion US dollars (23tri/-)were registered compared to 526 projects worth 5.7 billion US dollars (about 14tri/-) registered in 2023.
Last year, registration of projects under the Tanzania Investment Centre (TIC) increased by over 70 per cent.
Speaking during a special meeting with editors yesterday in Dar es Salaam, Minister for Planning and Investment Prof Kitila Mkumbo attributed the stunning development of the investment sector to President Dr Samia Suluhu Hassan’s visionary leadership of promoting businesses,noting that it has been instilling confidence to both foreign and domestic investors to inject their capitals.
“Continuation of an upward trend in attracting investment reflects the ongoing growth of the country’s economy,” Prof Kitila said.
More notably, he said the sixth phase government has been undertaking various legal and policy reforms including the new Investment Act of 2022 to attract investment apart from the investment promotion campaigns in the country and overseas.
Also, he noted that investment registration has eased through the One Stop Facilitation Centre which converges about 16 public institutions including the Tanzania Revenue Authority and Business Registrations and Licensing Agency (BRELA) under a single roof which speeds up service delivery.
In that regard, he said the government eyes attracting more capitals in 2025 given the ongoing upgrade of the country’s business atmosphere featured by the proposed bill for merging TIC with the Export Processing Zone Authority (EPZA)that is expected to be approved this year.
Prof Mkumbo said once endorsed into law it will facilitate smooth investments for both local and foreign investors.
ALSO READ: PPPC targets Mwanza, Arusha for strategic PPP projects
He said based on last year TIC’s target of registering projects worth 10 billion Us dollars (25tri/), the centre recorded 901 projects worth 9.3 billion US dollars (23tri/-),realising the set benchmark by over 90 per cent.
He declared 2024 as the best year in attracting investments since independence which broke the highest record of 2013 in which 885 projects were registered.
Professor Kitila said the country also experienced an increase in jobs from investments as all the projects registered created 212,293 employment opportunities compared to 137,010 in the corresponding period in 2023.
On registration by sector,he said the manufacturing sector surpassed other sectors in attracting capitals by recording 377 projects, equivalent to 42 per cent of all the investments registered.
He said that transport, real estate, tourism and agriculture were key contributors in attracting capitals.
The minister further said that the government is optimistic of ensuring this year Tanzania becomes among top five best investment destinations in Africa.
To boost domestic investment, he said the government will strengthen Local Government Authorities (LGAs) engagements in creating awareness to all citizens on how they can invest capitals through TIC while using diaspora and embassies globally to attract Foreign Direct Investments(FDIs).
Other major interventions in 2025, he said include construction of economic infrastructure in special economic zones such as the Bagamoyo Special Economic Zone and construction of a new TIC Zonal Office in Njombe Region to bring registration services to all people aspiring to invest in the Southern region.
Countrywide, he said more emphasis on attracting capitals in 2025 will be kept in manufacturing, clean energy,transport, minerals, agriculture and service.
However, he noted that over regulation is still a challenge which the government is committed to addressing this year.
