Tanzania garnered $1.2 billion (approximately Sh2.8 trillion) in investment through projects filed with the Tanzania Investment Centre (TIC) from January to March, compared to $787.4 million (Sh1.8 trillion) in 2022
- According to the most recent TIC report, the investment will be invested in 93 projects that would create more than 16,400 job possibilities
- Domestic sources made significant contributions, contributing US$887 million, or 76 per cent, of the total permitted investments ,US$276 million, or 24%, came from overseas sources.
Due to an improvement in the economic climate, Tanzania had a 52.4 per cent rise in investment over the first quarter of this year compared to the same period last year.
Tanzania garnered US$1.2 billion (approximately Sh2.8 trillion) in investment through projects filed with the Tanzania Investment Centre (TIC) from January to March, compared to US$787.4 million (Sh1.8 trillion) in 2022.
According to the most recent TIC report, the investment will be invested in 93 projects that would create more than 16,400 job possibilities.
Domestic sources made significant contributions, contributing US$887 million, or 76 per cent, of the total permitted investments ,US$276 million, or 24%, came from overseas sources.
Best Performing Sectors
The construction/commercial buildings sector, which surged by posting a staggering investment worth US$333. 2 million, was the primary driver of a positive investment rise.
Executive director of TIC Gilead Teri credited the impressive result to the continued efforts of the government to foster a favourable business environment.
He said that Tanzania's return to international arbitration in the wake of modifications to the Tanzania Arbitration Act (R.E. 2020) represents yet another crucial milestone in the reform process intended to solidify the nation's position as one of the continent's top investment destinations.
Other indicators are still strong, and because of the continuing mega-infrastructure projects, the transportation and logistics index is improving.
Again, according to Mr. Teri, the cost of energy in Eastern and Central Africa is the lowest among all regional peers at US$8.45KwH for medium voltage and US$6.65KwH for high voltage.
According to Mr. Teri in the TIC Quarterly Investment Bulletin, "Our talent pool is expanding and our World Bank's Public Sector Innovation Index is the best in the region." (March).
"Reforms are happening, and their effect has a bearing on our monthly numbers," he continued.
Tanzania is anticipated to have a 135 per cent rise in financing for the projects listed by the TIC in March of this year in comparison to February on a monthly basis.
The capital anticipated for investment grew, according to TIC, from US$339 million in February to US$796 million reported in March.
This is true even if the trend shows a 9.8% decline in the number of registered projects throughout the review period.
There were 37 projects filed in March 2023 as opposed a total of 41 ventures registered in February 2023.
The commercial construction and manufacturing sectors, which attracted investments totaling $318.21 million and US$52.04 million respectively, placed in second and third.
About 89 per cent of the projects filed in March 2023 were new projects, making up the majority of the total registration, while only 11 percent were expansion/rehabilitation projects.
According to the research, the projects filed last month are anticipated to create 7,714 new work opportunities in the nation.
China, the United States, Mauritius, Spain, and India are the top five countries for FDI as of March 2023.
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