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TIC recorded 707 project registrations valued at USD 6.561 billion (Sh17,05 trillion) in the fiscal year 2023-24, an increase from the 369 projects worth USD 5.394 billion (Sh14,02 trillion) compared to the previous fiscal year.
The Tanzania Investment Centre (TIC) has initiated a campaign to highlight new incentives stemming from recent reforms, aimed at attracting USD 3.5 billion (Sh9.1 trillion). The centre convened a meeting on Thursday, July 25, 2024, with local investors to address their concerns. It has also introduced them to the newly implemented incentives following undertaken legal reforms.
TIC’s managing director, Gilead Teri, highlighted the remarkable 38.19 percent growth in domestic investments during the 2022-23 fiscal year. TIC recorded 707 project registrations valued at US$6.561 billion (Sh17,05 trillion) in the fiscal year 2023-24, an increase from the 369 projects worth USD 5.394 billion (Sh14,02 trillion) compared to the previous fiscal year. He emphasised the operational efficiency achieved through the establishment of a one-stop centre, which streamlines service delivery and provides investors with quick access to essential information.
Key sectors driving this growth include manufacturing, with 313 projects valued at USD 2.462 billion (Sh6.4 trillion), followed by transportation, with 128 projects worth USD 1.035 billion (Sh2.7 trillion). The construction of commercial buildings saw the registration of 76 projects worth USD 1.079 billion (Sh2.81 trillion), while the tourism and agriculture sectors recorded the registration of 75 projects valued at USD 349.40 million (Sh908.44 billion) and 56 projects worth USD 710.02 million (Sh1.85 trillion), respectively.
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Teri underscored the importance of the digital platform launched by TIC for enabling investors to register projects within one to three days, regardless of their location.
