The government of Tanzania has announced an ambitious plan to attract US$ 15 billion (approximately TZS 38 trillion) worth of investments through the Tanzania Investment Centre (TIC) in 2025, building on its record-breaking achievements in 2024.
Speaking at a meeting with media editors in Dar es Salaam on 10th January 2024, the Minister for Planning and Investment, Prof. Kitila Mkumbo, revealed that in 2024, TIC registered 901 investment projects valued at US$ 9.3 billion (approximately TZS 23 trillion), reflecting a 70% increase compared to 526 projects worth US$ 5.7 billion (approximately TZS 14 trillion) registered in 2023.
Prof. Mkumbo attributed the success to President Samia Suluhu Hassan’s transformative leadership, which has boosted confidence among domestic and foreign investors. “The sustained upward trend in investment reflects the growing strength of Tanzania’s economy,” he noted.
Legal and Policy Reforms Driving Growth
The minister highlighted key reforms under the Sixth Phase Government, including the enactment of the Investment Act of 2022 and enhanced investment promotion campaigns domestically and internationally. Additionally, the One-Stop Facilitation Centre, which consolidates services from 16 public institutions under one roof, has significantly streamlined the investment registration process.
Integration of TIC and EPZA
Prof. Mkumbo revealed plans to merge TIC with the Export Processing Zones Authority (EPZA), pending approval of a new bill this year. The integration aims to simplify operations for both local and foreign investors, further improving the business environment.
2024: A Historic Year for Investments
According to Prof. Mkumbo, 2024 was the most successful year for attracting investments since Tanzania’s independence, surpassing the previous record set in 2013 when 885 projects were registered. These investments created 212,293 jobs, a notable increase from 137,010 jobs in 2023.
Manufacturing led the sectors with 377 projects, representing 42% of all registered investments. Other key sectors included transport, real estate, tourism, and agriculture.
2025 Focus Areas and Targets
For 2025, the government plans to prioritize sectors such as manufacturing, clean energy, transport, minerals, agriculture, and services.
Initiatives for 2025 include:
- Strengthening collaboration with Local Government Authorities to promote domestic investments.
- Leveraging Tanzania’s diaspora and embassies to attract Foreign Direct Investments (FDIs).
- Constructing new economic infrastructure in special economic zones like the Bagamoyo Special Economic Zone.
- Establishing a new TIC Zonal Office in the Njombe Region to support investments in southern Tanzania.
Despite the remarkable progress, Prof. Mkumbo acknowledged that over-regulation remains a challenge and reaffirmed the government’s commitment to addressing it in 2025.
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