Tanzania Investment Centre registers projects worth $7.7bn in 2024

Dar es Salaam. The Tanzania Investment Centre (TIC) has registered 842 projects worth $7.7 billion in 2024, achieving 88.2 percent of its target to register 1,000 projects.

TIC executive director, Gilead Teri, presented the investment report for 2024 at a press conference on December 16, 2024, noting that the figures represent the highest recorded since 1991.

Mr Teri noted that the manufacturing sector led with 377 projects valued at $3.1 billion, followed by the transport sector, which had 138 projects worth $1.2 billion.

Other sectors include commercial buildings, with 91 projects worth $706 million; tourism, with 76 projects valued at $337 million; and agriculture, with 66 projects totalling $599 million.

“When analysing the manufacturing sector, it is clear there has been a significant increase in investment. This positive trend is a result of the proactive steps the government has taken,” he said.

The investments are expected to create 248,078 direct jobs, involving 768 new investors, with the remainder attributed to the expansion of existing projects.

Of the registered projects, 290 are owned by Tanzanians, who have capitalised on the improved investment environment.

Additionally, 140 are joint ventures, while 445 involve Tanzanian stakeholders.

Mr Teri credited the conducive environment created by the government under the new investment law for the growth.

He noted that investment capital has increased from $3.7 billion in 2021 to $7.7 billion in 2024, reflecting substantial progress.

“This year has been a game-changer for the investment sector. The increase in the number of projects owned by Tanzanians is a clear indicator of progress,” he said.

In July, TIC reported registering 707 projects worth $6.561 billion for the 2023/24 financial year, compared to 369 projects valued at $5.394 billion in the 2022/23 period.

TIC also revealed that 38.19 percent of the registered projects were owned by Tanzanians, 42.86 percent by foreigners, and 19.38 percent were joint ventures.

The 2023/24 projects are expected to create 226,585 jobs, a significant increase from the 53,871 jobs generated during the same period in 2022/23.

Once again, the manufacturing sector led with 313 projects worth $2.462 billion, followed by the transport sector with 128 projects valued at $1.035 billion.