The Tanzania Investment Centre (TIC) has announced a record-breaking year in 2024, registering 901 investment projects worth $7.7 billion, the highest value since its establishment in 1991.
This remarkable achievement, representing 88.2% of the TIC’s target of 1,000 projects, highlights the significant progress driven by President Dr. Samia Suluhu Hassan’s leadership and a favourable investment environment fostered by the country’s new investment law.
The manufacturing sector led the way with 377 projects valued at $3.1 billion, followed by the transport sector with 138 projects worth $1.2 billion. Other notable sectors included commercial buildings ($706 million), tourism ($337 million), and agriculture ($599 million). These investments are expected to generate 248,078 jobs, with Tanzanians owning 290 projects, while 140 were joint ventures, and 445 involved Tanzanian stakeholders. The year-over-year growth in registered projects—from 526 in 2023 to 901 in 2024—illustrates Tanzania’s accelerated progress in attracting foreign direct investment.
Investment capital in Tanzania has more than doubled since 2021, rising from $3.7 billion to $7.7 billion in 2024. During the 2023/24 financial year, TIC registered 707 projects worth $6.561 billion, creating 226,585 jobs, a significant increase from the 53,871 jobs generated in 2022/23. TIC Executive Director Gilead Teri attributed this growth to the improved investment climate and strategic government initiatives, declaring 2024 as a “historic milestone for Tanzania” under President Hassan’s administration.
This record-breaking year cements Tanzania’s position as a regional leader in attracting investment, with the manufacturing and transport sectors emerging as key drivers of economic growth.
As the government continues to implement policies that enhance investor confidence, Tanzania is poised to maintain its upward trajectory, transforming its economic landscape and creating new opportunities for its citizens.
Further Africa
