The Tanzania Investment Centre (TIC) recently disclosed that it registered record achievements in investment promotion for the fiscal year 2023/2024.
Key Achievements
1. Remarkable Increase in Registered Projects: TIC registered 707 projects, a staggering 91.60% increase compared to 369 projects in the previous fiscal year.
2. Substantial Growth in Capital Investment: The total value of registered projects soared to USD 6.561 billion from USD 5.394 billion, marking a 21.6% increase.
3. Historic increase in Job Creation: These projects are expected to generate 226,585 jobs, a remarkable rise from 53,871 jobs in the previous year, reflecting a 320.61% increase.
Sectoral Highlights
– Manufacturing: 313 projects worth USD 2.462 billion.
– Transport: 128 projects worth USD 1.035 billion.
– Commercial Building Construction: 76 projects worth USD 1.079 billion.
– Tourism: 75 projects worth USD 349.40 million.
– Agriculture: 56 projects worth USD 710.02 million.
The achievement demonstrates progress in promoting and coordinating investments for the fiscal year 2023/2024. The significant increase in registered projects, capital value, and job creation reflects the improved investment environment established by the government.
The Agency explains that significant policy and regulatory reforms by the 6th phase government have created a more conducive environment for business and investment, resulting in remarkable growth in registered projects, capital inflow, and job creation.
The government has significantly improved the One-Stop Service at TIC by introducing an online project registration system, enabling investors to register their projects from anywhere in the world within 1-3 days. The establishment of the Premier Service Center offers expedited services, allowing investors to obtain permits and registrations within 24 hours.
Furthermore, the new Tanzanian Investment Act of 2022 provides attractive incentives and tax frameworks to encourage both foreign and domestic investment. These include:
– Tax Exemptions and Reductions: Strategic and regular investors benefit from tax exemptions, reduced customs duties, and other financial incentives.
– Lower Investment Threshold for Domestic Investors: The minimum threshold of USD 50,000 attracted more domestic investors.
2024 Goals
Starting in August 2023, TIC launched various investment promotion campaigns, resulting in a 106.11% increase in projects registered by Tanzanian investors compared to the same period in 2022/2023.
Continuing this effort, 2024 has been declared the “Year of Investment.” TIC aims to register 1,000 projects valued at USD 10 billion: USD 5 billion in foreign capital, USD 3.5 billion in domestic capital, and USD 1.5 billion in joint ventures.
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