Investment centre scoops Africa’s prestigious award

Dar es Salaam. The Tanzania Investment Centre (TIC) has been recognised for its outstanding work in promoting investment within the African continent, according to the centre’s statement.

The prestigious award was presented at the Annual Investment Meeting (AIM) 2024 held in Abu Dhabi on Wednesday, May 8th, 2024.

The Permanent Secretary in the President’s Office responsible for Planning and Investment, Dr Tausi Kida, received the award.

Dr Kida told the media after receiving the statement that the recognition came at an opportune time and is a treasure for the nation as it reflects the government’s efforts to improve the business environment in the country.

“This award boosts confidence among investors, and we as the government, especially the President’s Office responsible for Planning and Investment, We will continue attracting investment to create jobs and promote economic growth,” she said.

The award highlights TIC’s efforts in attracting and supporting investors, ensuring Tanzania remains a competitive destination for global capital.

TIC executive director Gilead Teri said key initiatives include the sector’s specific incentives, improved stakeholder engagements, and robust promotional activities, which have collectively enhanced Tanzania’s investment profile on the global stage.

“This recognition underscores Tanzania’s growing reputation as a leading investment hub in East Africa. TIC efforts align with the country’s broader economic goals to achieve middle-income status and ensure sustainable economic growth,” he said.

Furthermore, the statement says the recognition comes after TIC outperformed different investment institutions by demonstrating positive growth in project registrations, investment value, and the number of jobs created.

Available statistics, according to the statement, say projects registered by TIC increased from 293 in January 2022 to 526 during a similar period in 2023, which is equivalent to 79.5 percent of the increase.

“The value of investment facilitated by TIC increased to $5.720 billion from $4.547.70 billion between January 1, 2023, and December 31, 2023, which is equivalent to a 25.8 percent increase,” reads another part.

The number of jobs created through TIC increased from 40,889 to 137,010 between January 1, 2023, and December 31, 2023, as compared to the same period in 2022, representing 235.1 percent of the increase.

Different global institutions have competed for the ‘best investment institution’ award alongside other investment awards since 2013, according to the statement.

The award is a recognition of the abundance of excellent foreign direct investment (FDI) projects from each region of the world that the Investment Promotion Agency (IPA) attracted in the respective year.

Dr Kida is in Abu Dhabi, joining over 12,000 dignitaries from over 175 countries, including ministers, government officials, decision-makers, and major investors from across the world.