Tanzania Investment Center (TIC) records 235 new projects

Tanzania Investment Center (TIC) announced that it has recorded a total of 235 projects so far this present fiscal year. This figure is a notable improvement on the previous year’s 219 projects.

Mr. Gerson Msigwa, the Director of Information Services and Chief Government Spokesperson, indicated on Sunday that despite that the investment trend in the country has defied the challenges posed by the COVID-19 health crisis.

Based on the information provided by Msigwa, from March to August 2021 TIC has recorded a total of 133 projects. These projects are projected to provide up to 29,709 new job opportunities by the time they are concluded. 

“This is an increase compared to the last year where during this period TIC registered about 105 projects and created 8,252 employments,” he said.

Quoting the United Nations Conference on Trade and Development’s (UNCTAD 2020) World Investment Report, Mr. Msigwa noted that Tanzania received an investment of US$1 billion, making Tanzania the foremost investment destination in East Africa.

He also stated that the dollar valuation of investments recorded in Tanzania from March to August is US$2,98 billion, a marked growth compared to the US$510 million which was recorded during the same period last year.