https://en.sputniknews.africa/20241218/tanzania-registers-77-billion-in-investments-for-2024-surpassing-records-1069774190.html
Tanzania Registers $7.7 Billion in Investments for 2024, Surpassing Records
Tanzania Registers $7.7 Billion in Investments for 2024, Surpassing Records
Sputnik Africa
In November, the Tanzanian Public-Private Partnership Center announced that it is gathering at least 25 trillion Tanzanian shillings ($10.6 billion) to support... 18.12.2024, Sputnik Africa
2024-12-18T15:14+0100
2024-12-18T15:14+0100
2024-12-18T15:14+0100
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The Tanzania Investment Centre (TIC) has reported a record-breaking $7.75 billion in investments for 2024, registering 842 projects across various sectors.This achievement, presented by TIC Executive Director Gilead Teri on Monday, marks the highest investment figure since 1991 and represents 84.2% of the Centre’s target of 1,000 projects, according to local media reports.The manufacturing sector led with 377 projects valued at $3.15 billion, followed by transport with 138 projects worth $1.28 billion.The investments are set to create 204,878 direct jobs, with 290 projects owned by Tanzanians and 140 joint ventures involving local stakeholders.Teri reportedly attributed the growth to the government’s proactive measures, including a new investment law that has improved the business environment. Investment capital has surged from $3.7 billion in 2021 to $7.7 billion in 2024, reflecting substantial progress.Tanzania is experiencing an active surge in investments and infrastructure projects, driven by government initiatives and strengthened international partnerships. Recent efforts to revise laws and operational policies have paved the way for significant projects like the redevelopment of the 1,860-kilometer Tazara railway line, connecting Tanzania and Zambia. This railway, managed by the Tanzania-Zambia Railway Authority, aims to boost regional trade and enhance connectivity, according to Transport Minister Makame Mbarawa.Another key development is the East African Crude Oil Pipeline, a joint project between Tanzania and Uganda. Now 47% complete, the pipeline will transport oil from Uganda’s Lake Albert to the Tanzanian port of Tanga, with a notable portion in Uganda powered entirely by renewable energy. In parallel, Tanzania is enhancing trade relations with West African nations, exemplified by its active participation in international trade fairs, such as the Lagos International Trade Fair. Highlighting exports like coffee, tea, and leather goods, Tanzania’s High Commissioner to Nigeria, Judica Nagunwa, emphasized the country’s commitment to economic diplomacy and diversifying trade opportunities.These initiatives, combined with record-breaking investment figures, underscore Tanzania's growing appeal as a destination for both local and foreign investors.
https://en.sputniknews.africa/20241112/tanzania-embarks-on-9-billion-public-private-partnership-push-for-mega-projects-1069189885.html
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tanzania, economy, east africa, investment, uganda, zambia, railway, renewable energy , work, employment
tanzania, economy, east africa, investment, uganda, zambia, railway, renewable energy , work, employment
Tanzania Registers $7.7 Billion in Investments for 2024, Surpassing Records
Christina Glazkova
Writer / Editor
In November, the Tanzanian Public-Private Partnership Center announced that it is gathering at least 25 trillion Tanzanian shillings ($10.6 billion) to support significant infrastructure and development projects across multiple sectors, with over 84 projects already in progress.
The Tanzania Investment Centre (TIC) has
reported a record-breaking $7.75 billion in investments for 2024, registering 842 projects across various sectors.
This achievement, presented by TIC Executive Director Gilead Teri on Monday, marks the highest
investment figure since 1991 and represents 84.2% of the Centre’s target of 1,000 projects, according to local media reports.
The manufacturing sector led with 377 projects valued at $3.15 billion, followed by transport with 138 projects worth $1.28 billion.
The investments are set to create 204,878 direct jobs, with 290 projects owned by Tanzanians and 140 joint ventures involving local stakeholders.
Teri reportedly attributed the growth to the government’s proactive measures, including a new investment law that has improved the business environment. Investment capital has surged from $3.7 billion in 2021 to $7.7 billion in 2024, reflecting substantial progress.
“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,” Teri was quoted as saying.
Tanzania is experiencing an active surge in investments and infrastructure projects, driven by government initiatives and strengthened international partnerships. Recent efforts to
revise laws and operational policies have paved the way for significant projects like the redevelopment of the 1,860-kilometer Tazara railway line, connecting Tanzania and Zambia. This railway, managed by the Tanzania-Zambia Railway Authority, aims to boost regional trade and enhance connectivity, according to Transport Minister Makame Mbarawa.
Another key development is the
East African Crude Oil Pipeline, a joint project between Tanzania and Uganda. Now 47% complete, the pipeline will transport oil from Uganda’s Lake Albert to the Tanzanian port of Tanga, with a notable portion in Uganda powered entirely by renewable energy. In parallel, Tanzania is enhancing trade relations with West African nations, exemplified by its active participation in international trade fairs, such as the Lagos International Trade Fair. Highlighting exports like coffee, tea, and leather goods, Tanzania’s High Commissioner to Nigeria, Judica Nagunwa, emphasized the country’s commitment to economic diplomacy and diversifying trade opportunities.
These initiatives, combined with record-breaking investment figures, underscore Tanzania's growing appeal as a destination for both local and foreign investors.
