TIC Executive Director, Gilead Teri. Photo: Courtesy
Dar es Salaam – The Tanzania Investment Center (TIC) has reported substantial growth in the country's investment climate between April and June 2024. Speaking to reporters in Dar es Salaam, TIC Executive Director Gilead Teri announced that 198 projects worth USD 1.69 billion (over Sh 3 trillion) were registered during this period, creating 9,600 new jobs.
Teri highlighted that this marks a significant improvement compared to the same period in 2023, when 129 projects valued at USD 1 billion were registered, generating 14,000 jobs. The increase in capital investment by over 60% and the 53% rise in the number of projects demonstrate the country's growing attractiveness to investors.
As of October 1, 2024, preliminary statistics for the third quarter indicate further investment growth, reinforcing Tanzania's positive economic trajectory.
“These achievements are a result of the leadership of President Dr. Samia Suluhu Hassan, whose policies have fostered an environment conducive to foreign and domestic investment,” Teri stated. He credited favorable laws, regulations, and efficient government institutions for the surge in investor confidence.
Teri praised President Suluhu’s efforts in promoting economic democracy and international engagement, positioning Tanzania as a key investment destination in Africa.