DAR ES SALAAM, July 16 (Xinhua) -- The Tanzania Investment Center (TIC), a state-owned agency for investment coordination, promotion and facilitation, said Tuesday it has set an ambitious target of attracting nearly 10 billion U.S. dollars in investment capital in 2024.
The TIC said in a statement that this target builds on five consecutive years of impressive growth in foreign and domestic investments, driven by favorable investment laws and incentives.
According to the statement, the TIC registered 707 investment projects valued at 6.56 billion dollars when the government closed the 2023/2024 financial year on June 30, the highest in the past five fiscal years. Local participation has also been impressive, with 38.19 percent of the registered projects owned by Tanzanians, 42.86 percent by foreigners, and 19.38 percent being joint ventures between Tanzanians and foreigners.
The top-leading sector was the manufacturing sector, with 313 projects valued at 2.462 billion dollars, followed by the transportation sector, with 128 projects worth 1.03 billion dollars. The commercial building construction sector was the third, with 76 projects valued at 1.07 billion dollars. Tourism registered 75 projects valued at 349.40 million dollars, and agriculture had 56 projects valued at 710.02 million dollars.
These projects were expected to generate 226,585 jobs, compared to 53,871 jobs during the same period in the 2022/2023 financial year.
TIC recorded 369 projects worth 5.39 billion dollars during the corresponding period between July 2022 and June 2023, said the statement. ■
