Tanzania is targeting new investment projects worth $15 billion by the year 2025 in a nationwide campaign.
It is a strategic initiative which would be fostered through foreign direct investment (FDI) – said Professor Kitila Mkumbo, the Minister of State in the President’s Office for Planning and Investment,
Tanzania has doubled its FDI year-on-year capital, from $524.4 million in 2022 to an impressive $1.05 billion between July and September 2023.
In 2023, Tanzania registered investment projects totaling $5.6 billion, featuring a well-balanced distribution of 45 percent domestic investment, 29 percent foreign investments, and 26 percent joint ventures.
These projects are expected to generate approximately 230,000 jobs, reflecting the country’s strategy to leverage modern technologies, create employment opportunities, generate revenue, and earn foreign currency through diversified economic production.
“Increasing jobs for Tanzanians depends on diversified economic activities,” he said.
This will also promote local industrial production seen as a key strategy to reduce imports, stimulate exports, and enhance value addition across the production chain.
The national investment campaign aims to encourage citizens to explore diverse investment opportunities in collaboration with foreign investors.
The campaign will focus on raising awareness among citizens about registering investments through the Tanzania Investment Centre (TIC), showcasing the incentives offered by the center, and fostering strong networks with large investors both domestically and internationally.
The East African nation has emerged as a beacon of economic growth in East Africa under the leadership of President Samia Suluhu Hassan.
Suluhu has committed to enabling a conducive environment for FDI through partnerships, and policy reforms.
This has seen Tanzania attract investments from foreign states. India alone has contributed over $3.87 billion across 675 projects, creating at least 61,000 jobs and solidifying its position as one of Tanzania’s top five investors.