Investments to Tanzania Up by +81% in October-December 2023

The Tanzania Investment Centre (TIC) has released its Quarterly Investment Bulletin for the period October to December 2023 which indicates that a total of 161 projects worth USD 1,396.73 million were registered by the agency.

These projects are expected to generate 18,390 new jobs.

In comparison, in the previous quarter (July-September 2023), TIC registered 137 projects worth USD 2,069.49 million, and in the same period in 2022, it registered 58 projects worth USD 769.65 million.

During Q4 of 2023, the manufacturing sector recorded a significant performance of 59 registered projects, 7,850 jobs to be created, and an estimated capital of USD 690.89 million, followed by the transportation, and tourism sectors.

Foreign Direct Investments (FDIs) accounted for 50.34% of total approved investments or USD 703.00 million. The top five sources of FDI were China, Mauritius, Kenya, India, and Italy.

In comparison, Domestic Investments (DIs) accounted for 49.65 % of total approved investments or US$ 693.25 million. The DI experienced a substantial increase of around 201% from Q3 of 2022.

The ownership of projects registered in Q4 has increased for both foreign, joint venture (JV), and local. Foreign ownership of the projects registered has increased to 69 projects, compared to 23 projects recorded in the same period in 2022.

In terms of JV ownership, it has increased to 32 projects in Q4 from 19 projects in the same period last year. Meanwhile, local ownership of the projects has increased to 60 from the 16 projects.

In Q4 the projects were primarily concentrated in Dar es Salaam, which attracted 67 projects, followed by Pwani (26 projects) and Arusha (15 projects).

All the projects registered are expected to invest a total of USD 1,396.73 million, and jobs to be created are 18,390 when all the projects are operating in full swing.

For additional details, access the TIC document here.