Tanzania registers 200 times more investment projects in H1 2024

Tanzania registered 409 investment projects in the first half of the year, which is a whooping 200 times more projects that were registered in the east African country in 2023, according to the Tanzania Investment Center (TIC).

In the first six months of 2024, Tanzania registered 409 investment projects, worth $3.09 billion, of whom 385 were new, with 24 others flagged for expansion. This, according to the TIC, was more than 200 times the projects registered in 2023, during the same period. Data from the TIC also show that manufacturing, with 196 registered projects worth $1.42 billion, was the leading sector in attracting capital, followed by the transportation sector with 68 projects, worth $570.55 million, and commercial building projects worth $501.9 million, with 45 projects.

“Through the ongoing National Investment Promotion Campaign, TIC is educating Tanzanians on the need to change their perceptions and attitudes about investment and equally start grabbing investment opportunities like foreign investors,” TIC Executive Director, Gilead Teri, said. Registered projects are part of 1,000 investment projects targeted for 2024 worth $5 billion in foreign investment and $3.5 billion in domestic investment. Of the total registered investment projects, 165 belong to Tanzanians, 185 to foreigners, and 59 are joint venture projects between local investors and foreigners.