The Tanzania Investment Center (TIC) has reported an improvement in the quality of projects, capital, and jobs registered in Q1, 2023 after registering 137 projects worth $ 2.06 billion, which are expected to generate 86,986 new jobs according to the TIC Quarterly Investment Bulletin for Q3, 2023
In comparison to the same period last year, TIC registered 82 projects worth $2.41 billion that were expected to generate 12,008 new jobs, this represents 67% increase in the number of approved registered projects.
“The registered projects have demonstrated a substantial capacity for generating employment opportunities when at full capacity,” according to the report.
During Q1, 2023 manufacturing sector recorded a significance performance of 58 registered projects, 8634 jobs to be created and an estimated capital of $ 356 million, followed by the Transport and Commercial Building sectors.
The ownership of projects registered in Q1 has increased for both foreign, joint venture (JV), and local. Foreign ownership of the projects registered has increased to 49 projects, compared to 38 projects recorded in the same period in 2022.
In terms of JV ownership, it increased to 43 projects in Q1 from 14 projects in the same period last year. Meanwhile, local ownership of the projects increased to 45 from the 30 projects marked in the corresponding quarter in 2022.
In Q1 the projects were primarily concentrated in Dar es Salaam, which attracted 54 projects, followed by Pwani (20 projects) and Mwanza (11 projects).
“All the projects registered are expected to invest a total of US$ 2,069.48 and create 86,986 jobs when operating in full swing,” the report shows