Tanzania has registered $7.7 billion in investments in 2024, the highest amount recorded since 1991, according to the Tanzania Investment Centre (TIC). The TIC registered 842 projects, achieving 84.2% of its target to register 1,000 projects for the year.
TIC Executive Director Gilead Teri presented the 2024 investment report, highlighting the achievement and its significance as the highest recorded since 1991, local media reported.
Tanzania manufacturing sector led with 377 projects valued at $3.1 billion, followed by the transport sector with 138 projects worth $1.2 billion. Other significant sectors include commercial buildings, tourism and agriculture.
These investments are expected to create over 204,878 jobs, involving 768 new investors and expansion of existing projects. Notably, 290 of the registered projects are Tanzanian-owned, reflecting the impact of government-led reforms under the new investment law.
“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,” Teri was quoted as saying.
In the fiscal year ending June 2024, Tanzania attracted $6.56 billion in foreign and domestic investment, a 21.6% increase compared to the previous year. Investors from Asia have played a significant role in this growth. The TIC registered 707 projects during this period, a 91.6% rise compared to the 369 projects registered in the previous fiscal year.
Manufacturing was again the leading sector, with 313 projects valued at $2.462 billion. This was followed by transport, with 128 projects worth $1.035 billion, and commercial building construction with 76 projects totalling $1.079 billion.
Despite growing investor interest, the East African nation has generally lagged behind its neighbours in attracting foreign direct investment (FDI). According to the United Nations Conference on Trade and Development’s (UNCTAD) latest World Investment Report, Tanzania recorded FDI inflows of $1.265 billion in 2022. This is lower than Uganda’s $2.953 billion, Mozambique’s $2.458 billion, and Kenya’s $1.597 billion.
