The new data shows that investors are rapidly choosing Tanzania as their preferred investment location, with the number of registered projects growing by 128%. This is likely due to Tanzania’s pro-business posture, promoted by the country’s President, Samia Suluhu Hassan.
According to the statistics given above, which were made public by the Tanzania Investment Centre (TIC), a total of 41 projects were registered nationwide in February 2023. Comparing this to the 18 projects that were registered in February 2022, there has been an increase of 128%.
The estimated value of the projects that were registered in February 2023 was $339.2 million (more than Sh780 billion), and they were expected to produce 7,370 employment. This represents a 347% increase over the $75.9 million in capital predicted to flow into the economy of the nation in February 2022.
The 7,370 employment anticipated as a result of the new projects represents a 493% increase over jobs generated by projects filed in February 2022.
The TIC’s executive director Gilead Teri noted in the TIC’s Monthly Investment Bulletin for February 2023 that Tanzania has been able to become the alluring investment destination it is in her brief tenure so far thanks to President Samia’s initiative to streamline business license registration and her dedication to growing the country’s investment portfolio.
President Samia Suluhu Hassan’s administration, he claimed, “aside from dedicating great attention to helping investors, has expedited licenses and permits procedures through the implementation of the Plan for Regulatory Reforms.”
The government has recently boosted its use of automation in compliance operations, he added. Additionally, it has streamlined the procedure for purchasing land for investment purposes and rationalized institutions to avoid redundancy.
To significantly alter Tanzania’s investment climate, President Hassan recently transferred the investment docket from the Ministry of Industry and Commerce to the President’s Office.
The amount of capital anticipated to be invested has also surged, going from $66 million in January to $339 million in February of this year, a 413% increase.
Transportation continued to be the industry with the highest capital requirements, followed by manufacturing, commercial construction, agriculture, and tourism. With projects worth $156.17 million, transportation became the industry that attracted the most investment in February 2023.
It made up about 46% of all registered projects’ total value in February 2023. Manufacturing earned $53.68 million, or 15.8% of the total, and agriculture received $90.20 million, or 27% of the total.
Commercial structures took in $10.15 million, or 3% of the total, while tourism developments brought in $29.02 million.
The top three leading industries for luring foreign direct investments were found to be manufacturing, tourism, and agriculture (FDIs).
