Dar registers 25 projects worth 882.3bn/- in April, 2023

Dar registers 25 projects worth 882.3bn/- in April, 2023

The Tanzania Investment Centre (TIC) approved and registered a total of 25 projects worth $374.03 million (approximately 882.3bn/-) during the month of April 2023 expected to generate 4,558 new jobs.

Of this value, Domestic Investments (DIs) accounted for 49.8 per cent of total approved investments or $186.7 million, while Foreign Direct Investments (FDIs) accounted for 50.2 per cent of total approved investments or $187.3 million.

In comparison to the same period in the previous year (April 2022), where TIC registered 11 projects worth of $66.9 million that were expected to generate 1,920 new jobs, this is equivalent to an increase of 459 per cent in the value of the approved projects, 137 per cent increase in job creation and 127 per cent increase in the number of approved projects.

TIC Registered Investments by Sector in April 2023

For two consecutive months the Transportation sector emerged as the dominant player, with approved investments worth $123.9 million equivalent to an increase of 121 per cent from the corresponding period last year when the sector registered projects worth $56.3 million.

The Manufacturing sector during April, 2023 registered 10 projects worth $116.49 million while the Commercial and Building sector recorded 1 project worth $120 million.

The Agriculture, Energy and Human resources sectors recorded 3, 1, 1 projects worth 5.27 million, $7.83 million and $0.53 million respectively.

Top Sources of FDIs

While Manufacturing, Commercial buildings and Transportation sectors were the top three sectors in attracting FDIs, the largest portion of the DI was also contributed by transportation, commercial buildings and manufacturing sectors.

Likewise, the majority of new jobs are expected to be generated from Manufacturing, Transportation, and Agriculture.

Moreover, the top three leading sources of FDI in April 2023 were India, China and Oman.