Tanzania ranked among Africa’s top investment destinations

The number of registered business projects in Tanzania increased by 128% in February, highlighting the success of the government’s pro-business stance that is sending a positive message to prospective investors.

The 7,370 jobs expected from the new projects in February represent a 493% increase over those created by projects registered a year ago, according to the most recent data released by the Tanzania Investment Centre (TIC). Experts hail the pro-business stance of Tanzania’s President, Samia Suluhu Hassan, which has increasingly encouraged investors to choose the East African country as their preferred investment destination.

Projects registered in February 2023 had a total value of $339.2 million, reflecting a 347% growth over the $75.9 million in capital estimated to be pumped into the country’s economy in February 2022.

Through President Samia’s initiative to simplify business license registration, coupled with her devotion to growing the investment portfolio of the country, Tanzania has been able to become the attractive investment destination it is in her young tenure so far, the TIC Executive Director Gilead Teri noted via the TIC’s Monthly Investment Bulletin for February 2023.

“Apart from devoting considerable attention to supporting investors, the administration of President Samia Suluhu Hassan has streamlined licenses and permits procedures through implementing the Blueprint for Regulatory Reforms,” Teri added.

Tanzania’s manufacturing, tourism, and agriculture emerged as the top three leading sectors in attracting foreign direct investments.