China emerged the top source of Foreign Direct Investment (FDI) for Tanzania during Q1, 2023 after registering projects worth $614 million beating Singapore and Germany that registered projects worth 138.9 and 118.6 million respectively.
According to the Tanzania Investment Center (TIC) Quarterly Investment Bulletin for Q3, 2023, India and Mauritius emerged the top fourth and fifth sources of Tanzania’s FDIs registering projects worth $42.2 million and $24.8 million respectively in Q1, 2023.
The TIC Executive Director Gilead J. Teri noted that successful quarter, marked not only by the attraction of both Domestic and Foreign Direct Investment (DI and FDI) but also by the enhancement of investor confidence.
“Our endeavors have focused on resolving domestic challenges, opening doors for expansion for investments, and encouraging domestic entrepreneurs to leverage the opportunities available to them in order to qualify for investment incentives,” he said.
Teri said the Government remains committed to undertake business and investment reforms aimed at creating a more welcoming investment climate.
“TIC as an investment policy advisor to the government is actively participating in ongoing review of various policies, legislations and regulations with a view to address existing investment challenges that have at times acted as bottlenecks to our valued investors,” he added.
He added that TIC will continue to offer investors a smooth investment experience through our new online One Stop Facilitation Centre from the moment they decide to invest in Tanzania.
“TIC has set ambitious targets, aiming at further simplifying investment registration processes by the end of calendar year,” he added.