TIC registered $9.3 billion investment projects in 2024
What you need to know:
- Dr Mahenge Tanzanians to take advantage of TIC’s services to register their projects and benefit from various investment opportunities in business, agriculture, and fisheries. TIC aims to register 1,500 projects in 2025.
Geita. The Tanzania Investment Centre (TIC) registered 901 investment projects worth $9.3 billion (Sh23.01 trillion) in 2024, marking a 41.6 percent increase from 2022, according to the TIC Board Chairman, Dr Binilith Mahenge.
Speaking during a visit to the Mwamba gold mining site in Nyarugusu, Geita Region, yesterday, Dr Mahenge attributed the growth to the government's continuous efforts to enhance the investment climate in collaboration with TIC.
The Mwamba Mine is jointly owned by local and foreign investors.
Dr Mahenge noted that in Geita alone, TIC registered 18 investment projects worth $969 million (Sh2.4 billion) in 2024 and aims to register 50 projects this year.
“The improved investment environment, coupled with the 2022 investment law that eliminated several barriers, has significantly encouraged business registration,” he said.
He urged Tanzanians to take advantage of TIC’s services to register their projects and benefit from various investment opportunities in business, agriculture, and fisheries. TIC aims to register 1,500 projects in 2025.
Discussing the Mwamba Mine, Dr Mahenge highlighted the benefits of having a local gold processing laboratory, which eliminates the need for small-scale miners to travel long distances to Geita town for refining services.
Edward Cosnew, a foreign investor in the Mwamba Mine, said they had invested Sh8.5 billion in the gold refining plant. He praised Tanzania's favourable investment policies and the hospitality of the local community, which motivated them to expand their investment in Geita.
The Mwamba Mine’s manager, Mr Calvin Deogratius, stated that the project was completed within six months and is now in the equipment testing phase.
“We have faced no major challenges. Even our imported equipment cleared customs on time, and we received tax exemptions. The investment-friendly environment makes Tanzania an attractive destination,” said Mr Deogratius.
The project has already created 75 direct jobs and employs over 20 casual workers daily.
The Acting Regional Administrative Secretary for Geita, Mr Charles Chacha, emphasised the importance of compliance with regulations, noting that Geita accounts for 70 percent of Tanzania’s gold production.
He reminded mining operators of adhering to legal requirements, including selling 20 percent of their gold output to the Bank of Tanzania (BoT) as mandated by law.
