The Tanzania Investment Centre (TIC) registered 901 projects worth US$ 7.7 billion in 2024, achieving 88.2% of its target of 1,000 projects and setting a new record for investment in Tanzania.
This represents the highest investment value recorded since TIC’s establishment in 1991.
TIC Executive Director Gilead Teri attributed this historic growth to the strong leadership of President Dr. Samia Suluhu Hassan and the improved investment environment.
TIC Executive Director Gilead Teri presented the 2024 investment report during a press conference held on December 16, 2024, in Dar es Salaam.
He emphasized that 2024 marked a historic milestone, with TIC breaking all previous records since its establishment in 1991. “This year has been historic for Tanzania. President Hassan has broken all investment records since independence,” he said.
The manufacturing sector led with 377 projects valued at US$ 3.1 billion, followed by the transport sector with 138 projects worth US$ 1.2 billion.
Other sectors with significant investments included commercial buildings with 91 projects worth US$ 706 million, tourism with 76 projects valued at US$ 337 million, and agriculture with 66 projects totaling US$ 599 million.
TIC attributed the remarkable growth to the conducive investment environment created under the new investment law.
The registered projects are expected to create 248,078 direct jobs, with 290 owned by Tanzanians, 140 being joint ventures, and 445 involving Tanzanian stakeholders.
TIC also noted the significant progress over recent years, with the number of registered projects rising from 256 in 2021, to 293 in 2022, to 526 in 2023, and finally to 901 in 2024, representing almost a 100% year-over-year increase.
Investment capital has grown substantially, from US$ 3.7 billion in 2021 to US$ 7.7 billion in 2024.
In the 2023/24 financial year saw TIC register 707 projects worth US$ 6.561 billion, compared to 369 projects valued at US$ 5.394 billion during the 2022/23 period.
These projects were expected to create 226,585 jobs, significantly up from the 53,871 jobs generated during the same period in 2022/23.
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