TZ nets 67tri/- investments

DAR ES SALAAM: THE Tanzania Investment Centre (TIC) has registered a total of 2,099 projects worth 67tri/- in four years of President Dr Samia Suluhu Hassan in office.

Government Chief Spokesperson and the Permanent Secretary for the Ministry of Information, Culture, Arts and Sports, Gerson Msigwa revealed the country’s progress in attracting investment at a press conference in Coast Region yesterday.

He said that already 1,982 projects have commenced operations. Mr Msigwa said in four years spanning from March 2021 to February 2025, the investment projects and capitals surged to record highs with the manufacturing sector leading the way.

“The good thing is the data show that the numbers of industries have been skyrocketing year after year. This trend indicates that the Tanzania’s industrialisation journey under President Samia Suluhu Hassan is on course” Mr Msigwa said. Investment in manufacturing takes large portion of all projects registered with profound contributions to our country’s development efforts,” Mr Msigwa said.

Mr Msigwa noted that the manufacturing surpassed other sectors in terms of attracting investors by recording a total of 951 projects worth 27tri/- from March 2021 to February 2025.

The sector is poised to create 124,339 jobs. Overall, all projects are expected to generate a total of 539,488 jobs.

Investment registration by sectors, he said joint investment reached 476 projects, expansion projects stand at 117, domestic investments 719 and Foreign Direct Investments (FDI) is 904, in the total of projects which already commenced operations.

Regionally, he noted that Dar es Salaam leads in attracting capital, followed by the Coast Region. Yesterday Mr Msigwa spoke to journalists as part of his tour with media outlets to the Kwala Dry Port and the Sino-Tan Industrial Park in Kibaha District, Coast Region.

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In a press conference recently, TIC’s Executive Director, Mr Gilead Teri said such an upward trend in attracting investments signifies unwavering commitment of the government under President Samia on welcoming both domestic and foreign investors in the country.

“President Samia Suluhu Hassan through her economic diplomacy approach and international promotion of the country has been prioritising the investment sector as the main driver for economic growth and ending poverty,” Mr Teri said.

“As the result, Tanzania has emerged as an attractive destination of investors from every corner of the world,” More significantly, Mr Teri said the government has adopted the new Investment Act of 2022 which offers incentives to all investors in ensuring that they get sound returns from their investments.

The new Investment Act of 2022 gives fiscal incentives to the expansion and rehabilitation projects from which investors can enjoy import duty-free for capital goods such as machines and plants, while the deemed capital good can access the import duty relief by 75 per cent while enjoying non-fiscal incentives including protection of their capitals under the TIC.

The new Act also reduced capital threshold for domestic investors to 50,000 US dollars (133m/-) from 100,000 US dollars (267m/-).

Furthermore, he said the increase new investments is also due to the collaborative efforts involving Tanzania’s embassies across the world, TIC and other public entities which together have been creating promoting