The Tanzania Investment Centre (TIC) has released its Investment Bulletin for the period April to June 2024 which indicates, once again, a notable increase in the number of registered projects and job opportunities.
During Q2 2024, TIC registered 198 investment projects with a total value of US$ 1,619.45 million, expected to generate 96,278 new job opportunities.
This represents a remarkable increase of 53.49% in the number of approved registered projects compared to the same period the previous year, where TIC registered 129 projects worth US$ 1,007.63 million.
During Q1 2024, TIC registered 211 investment projects, with a total value of USD 1,475 million. These projects are expected to generate 24,931 new job opportunities.
FDI, DI, & Sectors
Foreign Direct Investments (FDIs) accounted for US$ 938.32 million of the total approved investments while Domestic Investments (DIs) amounting to US$ 681.48 million.
The top five sectors that attracted FDI were manufacturing, commercial building, tourism, financial institutions, and energy. However, the top sectors attracting DI were manufacturing, commercial building, human resources (health & education), transportation, and tourism.
FDI by Country
The top five sources of FDI recorded in Q2 of 2024 were Russia, China, the United Kingdom, Bermuda, and the United Arab Emirates (UAE).
Projects Ownership
In the second quarter of 2024, the ownership of projects has increased for both foreign, joint venture (JV), and local entities.
The number of projects owned by foreign entities has risen to 89, compared to 55 registered in the same period last year. In terms of JV ownership, the number of projects has risen to 35 compared to 32 in the same previous quarter.
Meanwhile, local entities have increased their ownership by 76.19% and this shows the positive outcome of the on-going National promotional campaign all over the country.
Regional Distribution Of Projects
During Q2 of 2024, the majority of the projects were located in Dar es Salaam, which attracted 75 projects. Pwani followed with 30 projects, Arusha with 19 projects, and Dodoma with 13 projects.
Expansion And Rehabilitation Projects
During Q2 of 2024, there were a total of 7 expansion and rehabilitation projects that were registered. These projects are expected to create 690 jobs and bring in a total investment of 47.31 million.
TIC explains that the New Investment Act, No. 10 of 2022, had a positive impact on the industry as investors reinvested their profits.
Additionally, the data from this quarter shows that both local foreign investors took advantage of the incentives provided by the Act to expand their projects.
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