Home World News Emerging Markets Tanzania registers 504 investment projects worth US$5.6 billion in 2023

Tanzania registers 504 investment projects worth US$5.6 billion in 2023

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The Tanzania Investment Center (TIC) registered 504 investment projects worth 5.6 billion U.S. dollars in 2023, a senior official has said.

The projects are expected to generate 230,000 new jobs, said Kitila Mkumbo, minister of state in the President’s Office responsible for planning and investment, on Thursday.

Mkumbo told a news conference in Tanzania’s commercial hub of Dar es Salaam that the government has set a target of registering investment projects worth 15 billion dollars by the year 2025.

He said that out of the 504 registered investment projects, 47 percent were owned by Tanzanians, 29 percent by foreigners and 26 percent were joint ventures between Tanzanians and foreigners.

The number of investment projects registered in 2023 represented a major increase from previous years. According to TIC statistics, 274 investment projects were registered in 2022, up from 234 in 2021.

Mkumbo said the rise in the number of registered investment projects resulted from conducive investment policies put forward by the government.

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