Tanzania continued to be among the best investment destinations after attracting investments worth $1.2 billion from 93 projects in the first three months this year expected to generate more than 16,400 job opportunities.
According to investment registration at the Tanzania Investment Centre (TIC), the investment is an increase of 48.9 percent as compared to 4787.4 million recorded in 2022 and it is 160 percent increase when compared to $450.6 million of approved investments in the same period in 2021.
“Massive investments came from domestic sources, which contributed $ 887 million or 76 percent of the total approved investments, while the foreign sources contributed $276 million or 24 percent,” according to the TIC Monthly Bulletin for March, 2023.
A positive investment growth in the Third Quarter of the financial year 2022/2023 was mainly driven by the robust performance of the construction commercial buildings sector that soared by recording an impressive investment worth $333. 2 million compared to $2. 3 million in the Third Quarter of 2021/2022.