Business

Tanzania doubles number of project investments in Q1 to 211

Tanzania Investment Centre executive director Gilead Teri. (X/President's office)

By Alfred Onyango | Saturday, June 1, 2024

TIC executive director Gilead Teri attributes the achievements to several measures taken by the Centre since President Samia Suluhu Hassan came into office.

Tanzania is in the race to position itself as the preferred destination for investors in East Africa, mirrored by registering 211 projects in the three months to March 2024.

According to data by the Tanzania Investment Centre (TIC), the record is a 111 per cent increase compared to the same period in 2023 when projects totalled 100.

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The increase consequently increased the project value, rising by $217.9 million from $1.26 billion (TSh3.27 trillion) in the first quarter of 2023 to $1.48 billion (TSh3.8 trillion) in the period under review.

“Number of jobs created also increased to about 25,000 compared to 17,000 created last year, representing a 47 per cent increase,” reads the TIC quarterly bulletin.

TIC executive director Gilead Teri attributes the achievements to several measures taken by the Centre since President Samia Suluhu Hassan came into office.

He says the implemented measures aim to facilitate the government's ambition to increase investment attraction through the execution of the new Investment Act and the new corporate strategic plan to enable Tanzanians to invest in collaboration with foreign investors.

"Others are implementation of the National Investment Promotion Campaign Phase One. TIC, in collaboration with the regional authorities, traversed 18 regions to showcase well-researched investment opportunities and incentives and provided seminars to more than 400 local businesses,” Teri said.

"Efforts are also underway, including carrying out investment roadshows in various countries to promote investment."

Compared to its immediate competitor Kenya, the numbers could be pointing towards a possible market preference shift by investors both local and foreign.

Early this week, while speaking at a media brief in Nairobi, the Kenya Association of Manufacturers CEO Antony Mwangi said Tanzania is doing better in matters attracting Foreign Direct Investments, unlike Kenya.

“The numbers of FDIs Tanzania attracts in a quarter could arguably be more than what Kenya attracts in a full year,” Mwangi said.

However, Kenya is optimistic about holding its position in the sector with a commitment to increase the level of contribution of Foreign Direct Investment (FDI) to GDP growth from 19 to 24 per cent by facilitating up to Sh1 trillion worth of investments by 2027.