Dar es Salaam. The Tanzania Investment Centre (TIC) has delivered an exceptional performance, smashing its 2023/24 goals by drawing a staggering $3.5 billion in Foreign Direct Investment (FDI) and $3.1 billion in Domestic Direct Investment (DDI), far exceeding its original $1 billion and $0.7 billion targets, respectively.
The achievements were revealed during a Tanzania Investment Centre (TIC) board meeting recently, where Executive Director, Gilead Teri, presented the 2023/2024 annual performance report.
Tanzania Investment Centre’s senior officials including director general, Gilead Teri (fourth left) and board chairperson, Dr Binilith Mahenge (fifth left), in a group photo. PHOTO | COURTESY
He attributed the remarkable success to the government’s unwavering commitment to fostering a conducive investment climate.
During the year under review, he said, TIC registered an impressive 707 investment projects spanning key sectors, including manufacturing, transportation, services, agriculture, tourism, and commercial real estate.
These projects collectively accounted for $6.56 billion in total investments.
Additionally, the projects generated a significant impact on employment, creating 226,585 direct jobs and over 400,000 indirect employment opportunities, underscoring the vital role of investments in driving inclusive economic growth.
TIC’s guidelines require foreign investors to invest a minimum of $500,000, while local investors must invest at least $50,000. Investors registered with TIC are eligible for incentives outlined in the Investment Act of 2022.
The benefits include fiscal incentives, such as 75 percent relief on import duty for capital projects and zero import duty on capital goods.
Non-fiscal incentives include investment guarantees, capital and profit repatriation, automatic five-immigration quotas, and access to credit from domestic sources.
TIC also provides facilitation through a one-stop shop, guaranteeing protection against expropriation and access to international dispute resolution via the International Centre for Settlement of Investment Disputes.
Mr Teri highlighted that domestic investments in green technology reached $67.24 million during the period, reflecting growing interest in sustainable projects.
The report also noted that the Benjamin William Mkapa Special Economic Zone and similar projects have drawn significant foreign and domestic investors, underscoring the government’s focus on expanding investment opportunities nationwide.
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