Tanzania sees 142 percent surge in investment, attracts $3.9 billion in Q3

Dar es Salaam. The value of registered investment projects in Tanzania surged by over 142 percent in the third quarter of 2024, reaching $3.9 billion in total capital, according to the Tanzania Investment Centre (TIC).

This marks a significant increase from the $1.61 billion registered in the previous quarter, from April to June 2024.

TIC Executive Director, Mr Giliead Teri, announced the figures during a press briefing yesterday, highlighting the government’s continued efforts to improve the investment environment.

“The government has prioritised investment as a tool to improve the economy and fight poverty. We are continuously working to enhance policies, regulations, and the overall efficiency of our institutions,” Teri said.

He also reported an increase in the number of registered projects, which rose from 198 in the previous quarter to 256 by the end of September.

Mr Teri attributed part of the growth to Tanzania’s ambassadors abroad, who have been instrumental in promoting the country as a prime investment destination.

“Our ambassadors have played a key role in attracting investors from their respective regions. Their efforts have contributed to the influx of capital and new development opportunities,” he added.

This happens as Tanzania is preparing to host a high-level delegation from Japan for the upcoming Tanzania-Japan Quality Infrastructure Dialogue, aimed at strengthening bilateral relations and boosting investment in the local infrastructure sector.

Scheduled to take place in Dar es Salaam, the event will bring together 60 Japanese companies while also attracting nearly 200 local firms, offering opportunities for collaboration in infrastructure development.

Tanzania’s Ambassador to Japan, Mr Baraka Luvanda, emphasised Japan’s interest in Tanzania’s infrastructure projects, noting that the delegation is part of the Japan-Africa Infrastructure Development Association (JAIDA).

“This event will provide a platform to attract private capital from Japanese investors to our country,” Luvanda stated.

The dialogue is expected to further strengthen ties between the two nations and facilitate significant investments in Tanzania’s growing infrastructure sector.