INVESTMENTS into Tanzania has more than doubled during the last two years of President Samia Suluhu Hassan’s administration.
According to data from the Tanzania Investment Centre (TIC), investments in the nation increased from $3.16bn (about TSh7.27 trillion) to $8.64bn (about TSh19.87 trillion).
The pro-business stance of President Samia Suluhu Hassan is credited with regaining the confidence of both domestic and foreign investors.
The number of registered projects into which the funding was invested increased from 455 to 575 between March 2021 and February 2023, a 26 percent increase.
According to TIC’s report, which was released late last week, Tanzanians own 32 percent of the projects registered under the current regime, followed by foreigners at 41 percent and joint ventures between local and foreign investors at 27 percent.
The number of jobs created increased from 61,900 to 87,187 due to the investment during the review period.
Industrial production, increased investment by 49.43 percent over the past two years, commercial building construction, increased investment by 17.51 percent, and transportation, increased investment by 11.07 percent.
The report says, ‘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 report makes further connections between the successful performance and the nation’s attendance at various international conferences.
In a similar vein, the report noted that incentives provided to domestic investors were responsible for a 26 percent increase in investment by local investors.
‘The Centre (TIC) in collaboration with Regional Commissioners’ offices and embassies has continued to encourage both domestic and foreign investment,’ the report adds.