TIC registers 37 projects worth $796 million in March 2023

A total of 37 projects worth $796.1 7million were approved and registered by Tanzania Investment Centre (TIC) in March 2023 which are expected to generate 7,714 new job opportunities in the country.

According to the TIC Investment Bulletin for March, 2023, Domestic Investments (DIs) accounted for 82 per cent of total approved investments or $648 million, while Foreign Direct Investments (FDIs) recorded 18 per cent of total approved investments of $148 million.

The trend of projects registration in February 2023 vs March 2023

The trend indicates an increase in the expected investment capital but a slight decrease in the number of projects registered.

In comparison to the 41 projects registered in February 2023, there were 37 projects registered in March 2023, a 9.8 per cent decrease.

However, the capital expected to be invested has increased by 135 per cent, from $339 million in February 2023 to $796 million registered in March 2023.

“The Transportation sector emerged the dominant player, with approved investments totaling $393.96 million, a 349 per cent increase from the corresponding period last year (USD 87.7),” according to the TIC.

On the other hand, while Commercial buildings, manufacturing and transportation sectors were the top three sectors in attracting FDIs, the largest portion of the DI was contributed by transportation, commercial buildings and manufacturing sectors.

 Likewise, the majority of new jobs are expected to be generated from transportation, manufacturing and commercial Buildings. Moreover, the top five leading sources of FDI in March 2023 are China, USA, Mauritius, Spain and India.