Tanzania increased the value of its investments to $8.6 billion in only two years.
According to data from the Tanzania Investment Centre (TIC), during the last two years of President Samia Suluhu Hassan’s administration, investments in the nation increased from $3.16 billion (roughly Sh7.27 trillion) to $8.64 billion (about Sh19.87 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% increase.
According to TIC’s report, made available to the media yesterday, Tanzanians own 32% of the projects registered under the current regime, followed by foreigners at 41% and joint ventures between local and foreign investors at 27%.
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% over the past two years, commercial building construction, increased investment by 17.51 percent, and transportation, increased investment by 11.07%.
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 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% increase in investment by local investors.
Source: Businessinsider