Tanzania was among the leading investment destinations in Africa in 2015, the recently published 2016 African Economic Outlook (AEO) indicates.
The AEO presents the current state of economic and social development in Africa and projects the outlook for the coming two years.
The AEO is a product of collaborative work by three international partners: the African Development Bank (AfDB), the OECD Development Centre and the United Nations Development Programme (UNDP).
The top 10 African investment destinations in 2015 were:
- Egypt (USD10.2b)
- Mozambique (USD4.7b)
- Morocco (USD4.2b)
- South Africa (USD3.6b)
- Ghana (USD2.5b)
- Democratic Republic of the Congo (USD2.5b)
- Zambia (USD2.4b)
- Tanzania (USD2.3b)
- Ethiopia (USD2.1b)
- Guinea (USD1.9b) and Kenya (USD1.9b)
In East Africa, Tanzania (USD2.3b) and Uganda (USD1.3b) received stable investments in 2015 despite their lack of significant resources, according to the report.
Still, Tanzania and the other East African countries are economically more diverse than resource-rich countries and relatively well-integrated as a region.
East Africa, together with West Africa, is also among the continent’s leading recipients of official development assistance from all recorded donors.
Tanzania Investment Promotion
Tanzania Investment Centre (TIC) is the primary agency of the Government to coordinate, encourage, promote and facilitate investment in Tanzania.
On 23rd March 2015, TIC and the Investment Climate Facility for Africa (ICF) signed an agreement worth USD950,000 on a project to further increase investments in the country.
This will be achieved by expanding, consolidating and promoting the Tanzania Investment Window (TIW).
The TIW allows investors to register companies and to obtain investment certificates, work permits and tax exemptions on-line.
The agency is now looking to promote further investment in key economic sectors.
Clifford Tandari, Chief Executive of TIC explained in an exclusive interview to TanzaniaInvest: “We are currently focused on promoting investments in manufacturing, agriculture—where the majority of Tanzanians are involved – real estate, construction, infrastructure, tourism, and hospitality.”