Tanzania is experiencing a boost in investment as the country records a USD 5.7 billion increase in investment between the 2023/2024 fiscal year. This increase in investment in the East African country is expected to spur employment rates, economic growth and development in the country. According to experts, the conducive environment for investors has streamline business registration hence attracting investors across the globe in the Agriculture, construction, mining, textile, transportation, health and technology sectors.
From the USD 1.09 billion investment in 2020, Tanzania has witnessed a USD 5.7 billion increase in investments between the 2023/2024 fiscal year. According to the Tanzania Investment Center, in the first three months of 2024, it received 211 investment projects worth USD 1.475 million. These projects are expected to create about 25,000 new jobs, spur development and economic growth in the East African country.Tanzania is also surrounded by 6 countries without coastlines, offering investors the chance to reach many other markets.
“Our efforts now must focus on reducing the dependency on externally sourced raw materials for our industries. We must look for a way to bring in more investments in factories that produce the necessary raw materials for the industries we’re building”.
Samia Suluhu Hassan, President of the Republic – Tanzania
The political landscape and recent policies in Tanzania has streamlined business registration attracting investors across the globe. Despite the challenges faced by Tanzania in 2019 and the multiple delays from environmental concerns, the country’s flagship energy project, the Julius Nyerere hydropower plant has been activated pumping 237 megawatt of stable electricity. A critical milestone in the country’s electricity generation effort according to experts.
“Very soon we shall have access to energy that is much more guaranteed than it use to be in the past which means this will still stimulate more possibilities for investment in the manufacturing sector”.
Omary Mbura, Trade Expert – Tanzania
According to experts, the mining, Tourism and renewable sectors are also ripe for exploration. This increase in investments is increasing the county’s influence across East Africa. Tanzania plays a pivotal role in economic integration, promotion of peace and stability as its trade roads expands and regional partnerships strengthen.
