Tanzania experiences a huge surge in investment projects in 2024

409 investment projects were registered in the eastern African country of Tanzania, during the first half of the year. This, according to the Tanzania Investment Center was more than 200 times the projects registered in 2023, during the same period. As a result, Tanzanians are being taught how to take advantage of investment options in the country, similar to foreign investors.

Between the first six months of 2024, Tanzania registered 409 investment projects, worth $3.09 billion, as reported by the Tanzanian newspaper, The Citizen. Of these projects, 385 were new, with 24 slated for further development.

This milestone is part of the intended 1000 investment projects worth $5 billion in foreign investment and $3.5 billion in domestic investments, for 2024.

According to the TIC, the number of projects registered in the first half of 2024, is 293 more times that of the previous year, during the same period.

This year, 185 of the investment projects were initiated by foreign investors, 165 by Tanzanians and 59 joint ventures between local and foreign investors.

The TIC revealed that the manufacturing sector recorded the most projects at 196, worth $1.42 billion. The transportation sector accounted for 68 projects, worth $570.55 million, commercial building projects worth $501.9 million, with 45 projects, tourism with 40 projects valued at $225.44 million, 5 human resource, health and education projects worth $123.8 mullion and 7 energy investment projects valued at $80 million.

(Source: Business Insider Africa)