The Tanzania Investment Centre (TIC) has released its Quarterly Investment Bulletin for the period July to September 2023 which indicates that a total of 137 projects worth USD 2069.49 million were approved.
These projects are expected to generate 86,986 new jobs.
In comparison to the same period last year, TIC registered 82 projects worth US$ 2,417 million that are expected to generate 12,008 new jobs. This represents a 67% increase in the number of approved registered projects.
The manufacturing sector recorded a significant performance of 58 registered projects, 8,634 jobs to be created, and an estimated capital of USD 356 million, followed by the Transport and Commercial Building sectors.
The ownership of projects registered has increased for both foreign, joint venture (JV), and local. Foreign ownership of the projects registered has increased to 49 projects, compared to 38 projects recorded in the same period in 2022.
In terms of JV ownership, it has increased to 43 projects in Q1 from 14 projects in the same period last year. Meanwhile, local ownership of the projects has increased to 45 from the 30 projects marked in the corresponding quarter in 2022.
Domestic Investments (DIs) accounted for 49 % of total approved investments or USD 1,016.174 million.
In comparison, Foreign Direct Investments (FDIs) accounted for 51% of total approved investments or US$ 1053.32 million.
The data shows a significant increase in Foreign Direct Investment (FDI) from the July-September quarter of 2022 to 2023, with a percentage change of approximately 100.53%.
This indicates a substantial influx of foreign capital into the country, which can be indicative of increased confidence in the country’s economic prospects or potentially attractive investment opportunities.
For additional details, access the TIC document here.
