TIC targets 1,000 projects in 2024
THE Tanzania Investment Centre (TIC) envisions registering 1000 projects this year, the centre’s Executive Director, Mr Gilead Teri told the ‘Daily News’ on Thursday.
Mr Teri was optimism with the set benchmark due to the country’s business climate facilitated by the new Tanzania Investment Act 2022 and the economic diplomacy championed by the President Dr Samia Suluhu Hassan.
He said the number of investment projects registered by the centre last year increased significantly by 80 per cent, while the value of capital injected during the same year increased by 26 per cent.
Mr Teri said the registered projects reached 526 last year, from 293 projects recorded in 2022, “this is almost double of investment projects registered.”
He said during the same year (2023) the value of the projects ascended to 5,720 million US dollars (about 14tri/-) in comparison to 4,538 million US dollars (about 12tri/-) recorded in 2022, which is an increase of 26 per cent in value of capital.
He attributed the impressive feat to implementation of the new Investment Act of 2022, which further opened doors for both foreign and local investors to pour their capital under incentives in various sectors including manufacturing.
The new Investment Act has reduced the minimum investment capital threshold for a Tanzanian-run business from 100,000 US dollars (about 255m/-) to 50,000 US dollars (about 127m/-).
He also highlighted the economic diplomacy championed by President Dr Samia Suluhu Hassan as the driving forces for robust business growth in the country, which among others opens new markets for made in Tanzania’s products, while attracting latest technologies from overseas and vice-versa.
In that regard he urged all citizens to take advantage of the favourable investment atmosphere put in place by the government by setting business for their economic wellbeing and country’s prosperity.
In term of job creation, Mr Teri said the centre attracted a total of 137,010 jobs in 2023 in comparison to about 50,000 jobs in 2022.
He said domestic investment reached 182 in 2023 from 99 in 2022 equivalent to 84 per cent increase while Foreign Direct Investment (FDI) increased to 214 projects from 112 equivalent to 91 per cent increase.
Furthermore, he said last year a total of 469 projects were new out of the total 526 registered projects, while the remaining 57 were expansion projects unlike in 2022, whereby only 293 projects were new with only one being an expansion project.
In a recent exclusive interview that the TIC’s Executive Director, Mr Teri granted the CGTN Africa, the China state owned media, he mentioned agriculture, mining, manufacturing and tourism as among promising economic sectors for investment in the country.
“Anyone who is looking to invest can come to Tanzania and exploit the opportunities in all sectors,” he said.
According to the TIC’s Quarterly Investment Bulletin report (Q2) spanning from October to December last year, the manufacturing sector topped other sectors in attracting investors by recording 59 projects worth an estimated capital of 691 million US dollars (about 1.8tri/-) from a total of 161 projects worth 1397 million US dollars (over 3tri/-) registered.
