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The Tanzania Investment Centre (TIC), announced that a total of 52 investment projects worth USD 327.63 million were approved and registered in May 2023. These projects are expected to generate 6,279 new jobs. Due to an improvement in the economic climate, Tanzania had a 52.4 per cent rise in investment over the first quarter of this year compared to the same period last year.
The Tanzania Investment Centre (TIC), announced that a total of 52 investment projects worth USD 327.63 million were approved and registered in May 2023. These projects are expected to generate 6,279 new jobs. Due to an improvement in the economic climate, Tanzania had a 52.4 per cent rise in investment over the first quarter of this year compared to the same period last year.
Of the 52 investment projects, 21 were in manufacturing, 17 in transport, 10 in tourism, 3 in agriculture, 2 in commercial building, 2 in services, 1 in energy, and 1 in health and education. Foreign Direct Investments (FDIs) held 40% of the investment projects, local investments held 35%, and the rest was in the hands of joint ventures. The top three leading sources of FDI in May 2023 were China, Mauritius, and India.
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Tanzania garnered US$1.2 billion in investment through projects filed with the TIC in the first quarter of 2023, compared to US$787.4 million in 2022. Domestic sources made significant contributions, contributing US$887 million, or 76 per cent, of the total permitted investments, US$276 million, or 24%, came from overseas sources. Tanzania’s return to international arbitration in the wake of modifications to the Tanzania Arbitration Act (R.E. 2020) represents yet another crucial milestone in the reform process intended to solidify the nation’s position as one of the continent’s top investment destinations.
