INVESTMENT flows have improved from $3.7bn in 2021 to $7.7bn in the outgoing calendar year, the Tanzania Investment Centre (TIC) has declared.

2024, showing a substantial increase.

Gilead Teri, the TIC executive director, said at a press conference over the weekend, that the centre registered 842 projects valued at $7.7bn in the course of this year, achieving 88.2percent of its expectations to register up to 1,000 projects 

He was optimistic about the future, pointing at positive trends during 2024 as ushering in a promising year ahead, since the 2024 investment figures represent the highest recorded since data on investment promotion started being collected in 1991.

The manufacturing sector led with 377 projects valued at $3.1bn, followed by transportation with 138 projects priced at $1.2bn, he said, elaborating that substantial flows were also notice for commercial buildings, with 91 projects worth $706m.

Tourism had 76 projects valued at $337m while agriculture put up 66 projects of $599m total value, he said, noting that manufacturing sector projects show that there has been a significant increase in investment.

“This positive trend is a result of the proactive steps the government has taken,” he said, underlining that investments this year are expected to create 248,078 direct jobs.

A total of 768 new investors were registered while the rest were expanding existing investments, he said, highlighting that of the registered projects, 290 are owned by Tanzanians who have capitalized on the improved investment environment.

A total of 140 investments are foreign investors’ venture projects and 445 involve Tanzanian project movers as shareholders, he said, noting that this year has been a game-changer for the investment sector. 

The increase in the number of projects owned by Tanzanians is a clear indicator of progress, he said, recalling that back in July TIC reported registering 707 projects pegged at $6.561bn for the 2023/24 financial year.

That was a notable increase compared to 369 projects valued at $5.394bn during 2022/23, with upwards of 38.19percent of the registered projects were owned by Tanzanians. About 42.86 percent of the projects were registered by foreigners and 19.38percent joint ventures.

The projects are expected to create 226,585 jobs, a significant increase from 53,871 jobs projected to have been generated the previous year.

Once again, the manufacturing sector led with 313 projects worth $2.462bn, followed by transportation with 128 projects valued at $1.035bn, he added.