Tanzania targets $15 Billion annual FDI by 2025, says President Samia
President Samia Suluhu Hassan claps hands during a business forum in India on October 10, 2023. PHOTO | STATE HOUSE
What you need to know:
- Tanzania is implementing Africa's most ambitious and progressive economic reforms, leveraging the private sector and investments as catalysts for economic growth.
Dar es Salaam. President Samia Suluhu Hassan has announced that Tanzania is targeting $15 billion in annual foreign direct investment (FDI) by 2025.
Speaking during a business forum in India, President Samia said that the country is implementing Africa's most ambitious and progressive economic reforms, leveraging the private sector and investments as catalysts for economic growth.
"We have moved from registering $2 billion of FDI in 2020 to $5 billion in the year ending June 2023," President Hassan was quoted as saying.
"We target to reach $15 billion per year by the end of 2025."
Tanzania has made significant progress in recent years in improving its business environment and attracting foreign investment.
The country has deployed technological solutions that allow foreign investors to register their businesses and receive investment incentive approvals online prior to their arrival. Tanzania has also streamlined its business regulations and provides robust incentive packages to investors.
India is one of the top five investors in Tanzania, with a stock of over $3.87 billion of investments since 1997.
President Samia said that the investment promotion agencies in mainland Tanzania and Zanzibar are targeting to attract at least $3 billion of FDI from India per year by 2025.
