Tanzania Investment Projects Surge by Over 60%, Reaching $1.61 Billion in Q2 2024

The value of investment projects in Tanzania saw a significant boost, increasing by over 60 percent to $1.61 billion in the quarter ended June 2024, according to a new report by the Tanzania Investment Centre (TIC). The agency's quarterly report revealed that this capital increase reflects a growing interest from both foreign and domestic investors, with the country registering 198 projects during the period.

This marks a substantial rise from the previous year's corresponding quarter, where TIC recorded 129 projects worth $1 billion. The report further highlighted an impressive surge in job creation, with 96,278 new employment opportunities generated, a significant jump from the 14,631 jobs created in the same period last year.

TIC Executive Director, Mr. Gilead Teri, emphasized the growing attractiveness of Tanzania as an investment destination, noting that Foreign Direct Investments (FDIs) played a substantial role. "FDIs accounted for a 136.35 percent increase or $938.32 million compared to the same quarter in 2023. Domestic investments also showed strong performance, amounting to $681.48 million," he said.

He further stressed the importance of tackling domestic challenges and expanding investment opportunities, encouraging local entrepreneurs to take advantage of the available incentives. "We continue to prioritize addressing domestic challenges, expanding investment opportunities, and encouraging local entrepreneurs to leverage available incentives," Teri said.

The ongoing national investment promotion campaign and international roadshows have played a key role in attracting both foreign and local capital. 

The report also detailed that the manufacturing sector attracted the highest amount of investments, totaling $636.84 million, followed by commercial building projects ($251.71 million), human resources ($112 million), transportation ($91 million), and tourism ($62 million).

This impressive growth in investment projects is seen as a testament to Tanzania’s increasing appeal as a stable and attractive market for both foreign and domestic investors, further supporting the country’s broader economic development goals.