Tanzania Investment Centre targets Sh9.1 trillion in domestic investments

Dar es Salaam. The Tanzania Investment Centre (TIC) has initiated a campaign to highlight new incentives stemming from recent reforms, aimed at attracting $3.5 billion (Sh9.1 trillion) in domestic investments.

In addition to engaging with various regional authorities, the centre convened a meeting on Thursday, July 25, 2024, with local investors to address their concerns and introduce them to the newly implemented incentives following undertaken legal reforms.

TIC’s managing director, Gilead Teri, highlighted the transformative impact of the revised Investment Act on the sector.

“President Samia Suluhu Hassan’s administration has revolutionised investment practices in our country; evident from this year shows a significant surge in project registrations,” he said.

Mr Teri reported a remarkable 38.19 percent growth in domestic investments during the 2022/23 fiscal year, crediting the government’s initiatives for this positive trend.

TIC recorded 707 project registrations valued at $6.561 billion (Sh17,05 trillion) in the fiscal year 2023/24, an increase from the 369 projects worth $5.394 billion (Sh14,02 trillion) that were listed in the previous fiscal year.

He emphasised the operational efficiency achieved through the establishment of a one-stop centre, which streamlines service delivery and provides investors with quick access to essential information.

Key sectors driving this growth include manufacturing, with 313 projects valued at $2.462 billion (Sh6.4 trillion), followed by transportation, with 128 projects worth $1.035 billion (Sh2.7 trillion).

The construction of commercial buildings saw the registration of 76 projects worth $1.079 billion (Sh2.81 trillion), while the tourism and agriculture sectors recorded the registration of 75 projects valued at $349.40 million (Sh908.44 billion) and 56 projects worth $710.02 million (Sh1.85 trillion), respectively.

Mr Teri underscored the importance of the digital platform launched by TIC for enabling investors to register projects within one to three days, regardless of their location.

He noted that the Thursday meeting was convened to address challenges local investors were facing, particularly delays in the provision of services.

Looking ahead, TIC aims to register 1,000 projects valued at $5 billion (Sh13 trillion) from foreign investments and $3.5 billion (Sh9.1 trillion) from domestic investments in the 2024/25 financial year.

One of the participating local investors, Mr Amir Hamza, lauded TIC for the meeting for enhancing understanding of the new investment landscape and its potential to drive economic growth, citing the importance of the new laws and incentives that have been introduced.