Investments in Tanzania have increased by 173% over the last two years due to ongoing efforts by the country’s first-ever female President Samia Suluhu Hassan to improve the country’s business climate.
The report from the Tanzania Investment Centre (TIC) shows that investments in the East African country have increased from $3.16 billion (roughly Sh7.27 trillion) to $8.64 billion (about Sh19.87 trillion) in just two years.
President Samia Suluhu Hassan’s pro-business stance is credited for recovering the trust of both domestic and foreign businesses.
Between March 2021 and February 2023, the number of registered projects into which funds were spent rose by 26%, from 455 to 575.
Tanzanians control 32% of the projects registered under the present administration, followed by foreigners at 41% and joint ventures involving local and international investors at 27%, according to a TIC report made available to the media yesterday.
The report reads in part “improvement in the business environment through the blueprint for regulatory reforms is paying off, and this could be attested to the increase in the investments in the country.”
“The Centre (TIC) in collaboration with Regional Commissioners’ offices and embassies has continued to encourage both domestic and foreign investment,” the report reads.
The investment made during the review period led to a rise in employment from 61,900 to 87,187.
During the last two years, investments have grown in industrial production by 49.43%, commercial building development by 17.51 per cent, and transportation by 11.07%.
The report draws more parallels between the country’s participation in numerous international conferences and its good performance.
A 26% rise in local investors’ investments was attributed, the study found, to incentives given to domestic investors.
