TIC registers massive investments in two years

TANZANIA has registered 575 investment projects worth 8.64 billion US dollars (about 20tri/-) in the past two years of President Dr Samia Suluhu Hassan.

This is an increase of 26 per cent in the number of recorded projects at the Tanzania Investment Centre (TIC) between March 2021 and February 2023, when comparing to the same period between March 2019 and February 2021.

The country has also recorded an upsurge of foreign direct investments by 24 per cent being owed to the President’s trips and meetings abroad in the quest of promoting the country’s trade and investment opportunities.

According to a report issued by the newly appointed TIC Executive Director, Mr Gilead Teri, local investments have increased by 26 per cent, thanks to domestic promotion and availability of incentives in the country.

“The projects which were registered between March 2021 and February 2023 have created a total of 87,187 jobs,” noted Mr Teri.

The TIC Boss observed that out of the 575 projects, 32 per cent belonged to Tanzanians  and 41 per cent foreigners.

The assessment shows that a large chunk of the registered projects come from key sectors including 280 projects from industry (48.70 per cent), 96 projects from transportation ( 16.70 per cent), 48 projects from tourism (8.35 per cent), 44 agriculture (8.17 per cent) and 44 commercial buildings (7.65 per cent).

Based on this, industrial production was leading with the largest investment at a tune of 4.2 billion US dollars (over 9.6tri/-), equivalent to about 49.43 per cent, followed by construction of commercial buildings with 1.5 billion US dollars investment (about 3.5tri/-), equivalent to 17.51 per cent and 0.95 billion US dollars about 2.2tri/- for transportation sector (11.07 per cent).

Expounding further, he said the improvement of business and investment environment has continued to enhance production of various goods as well as trade between Tanzania and its neighbours.

On the other hand, access to land for investment has improved, hence continued to increase investment in the commercial/construction and residential sectors.

Among other initiatives being done by the TIC as pointed out by the CEO are promoting local and foreign investment in collaboration with the country’s foreign embassies, high commissions and the offices of Regional Commissioners.

Despite impacts of the Covid-19 pandemic, he said, Tanzania continued receiving interested investors due to the available favourable environment in terms of improvement of enabling infrastructures like ports, railways, airports and energy.

In effectively implementing the third Five-Year Development Plan (FYDP III) particularly in the area of attracting investment, TIC has set various priorities in production of goods that the country was spending a lot of money to import from outside the country.

The priorities include the promotion of local industries which source their raw materials from the agriculture, livestock, fisheries and forestry.