DAR ES SALAAM, July 16 (NNN-DAILYNEWS) — THE number of investment projects registered in the just ended 2023/2024 financial year has almost doubled in comparison to those registered in the previous fiscal year.
Tanzania Investment Centre (TIC) Executive Director, Gilead Teri unveiled the country’s impressive trend in attracting investors on day, in a press conference held in Dar es Salaam, attributing it to improvement of business climate in the country.
Teri said that TIC registered 707 projects worth about 7 billion US dollar (about 19tri/-) in comparison to 369 projects worth 5.4 billion US dollar (14tri/-) recorded in the 2022/2023 financial year which is equivalent to 91 per cent increase in investments.
He said the value of capital injected rose by 21 per cent. “Such notable registration of projects is due to both structural and legal reforms championed by the sixth phase government, especially the adoption of the New Investment Act of 2022,” Teri said.
He expounded that the new Investment Act has been playing a pivotal role in elevating domestic investment by cutting the minimum investment capital threshold to 50,000 US dollar (133m/- ) from 100,000 US dollar (267m/-).
He said the new Investment Act also offers incentives to both domestic and local investors including import duty exemption on deemed capital goods such as equipment for running factories.
Teri said upon full operation, all the projects are going to create 227,000 jobs in comparison to only 54,000 jobs which were created in the previous year which is equivalent to 321 per cent increase in job generation.
He detailed that 38 per cent of all projects are owned by local investors, 43 per cent as Foreign Direct Investment (FDI) while 19 per cent are joint ventures.
Highlighting the number of projects by sectors, Teri noted that the manufacturing sector topped other economic sectors in term of attracting more investors by registering 313 projects accounting to 2.5 billion US dollar (about 6.6tri/-), followed by the transportation that recorded 128 projects worth over 1 billion US dollars (about 2.7tri/-).
Other sectors in the list, according to the TIC top boss are commercial real estate which attracted 76 projects worth over 1 billion US dollar (about 2.7tri/-), tourism sector with 75 projects worth 349 million US dollar (over 900bn/-) and the agriculture which recorded 56 projects worth 710 million US dollar (about 1.9tri/-).
The tourism sector surpassed the agriculture sector in registering more projects while the latter outperformed the former in terms of value of capital invested.
He mentioned the Royal Tour Film initiated by President Dr Samia Suluhu Hassan as the key contributing factor for the tourism sector to attract many investors. He said by December 2024 TIC aimed at registering 1,000 projects worth 10 billion US dollars. — NNN-DAILYNEWS
