Between the first six months of 2024, Tanzania registered 409 investment projects, worth $3.09 billion, as reported by the Tanzanian newspaper, The Citizen. Of these projects, 385 were new, with 24 slated for further development.
This milestone is part of the intended 1000 investment projects worth $5 billion in foreign investment and $3.5 billion in domestic investments, for 2024.
According to the TIC, the number of projects registered in the first half of 2024, is 293 more times that of the previous year, during the same period.
This year, 185 of the investment projects were initiated by foreign investors, 165 by Tanzanians and 59 joint ventures between local and foreign investors.
In an exclusive with the Citizen, the director of the Tanzania Investment Center Mr. Gilead Teri revealed that Tanzanians are being taught about the relevance of domestic investments.
“Through the ongoing National Investment Promotion Campaign, TIC is educating Tanzanians on the need to change their perceptions and attitudes about investment and equally start grabbing investment opportunities like foreign investors,” Mr. Teri stated
The TIC revealed that the manufacturing sector recorded the most projects at 196, worth $1.42 billion. The transportation sector accounted for 68 projects, worth $570.55 million, commercial building projects worth $501.9 million, with 45 projects, tourism with 40 projects valued at $225.44 million, 5 human resource, health and education projects worth $123.8 mullion and 7 energy investment projects valued at $80 million.
