The Tanzania Investment Center (TIC) has announced ambitious plans to attract nearly $10 billion in investment capital for the year 2024. This target follows a successful streak of growth in both foreign and domestic investments over the past five years, bolstered by favourable investment laws and incentives.
In the recently closed financial year ending June 30, 2024, TIC reported registering a total of 707 investment projects valued at $6.56 billion, marking the highest figure recorded in the past five fiscal years. Notably, local participation in these projects has been robust, with Tanzanians owning 38.19% of the registered projects, while foreigners and joint ventures between Tanzanians and foreigners accounted for 42.86% and 19.38%, respectively.
The manufacturing sector emerged as the top performer with 313 projects valued at $2.462 billion, followed by transportation with 128 projects amounting to $1.03 billion. Commercial building construction secured the third spot with 76 projects worth $1.07 billion. Additionally, tourism and agriculture sectors recorded 75 projects valued at $349.40 million and 56 projects valued at $710.02 million, respectively.
These investments are anticipated to create 226,585 jobs, a substantial increase from the 53,871 jobs generated in the previous financial year.
Reflecting on the previous year, from July 2022 to June 2023, TIC registered 369 projects worth $5.39 billion, underlining a steady growth trajectory.
The TIC’s latest announcement underscores Tanzania’s commitment to fostering a conducive environment for investment across various sectors, positioning the country as an attractive destination for both local and international investors.
Investment in Tanzania continues to be driven by its strategic location, abundant natural resources, and proactive government policies aimed at enhancing business opportunities and economic growth.
This ambitious target of $10 billion in investment capital for 2024 sets a promising outlook for Tanzania’s economic landscape, promising further development and job creation across key sectors.
