The Permanent Secretary in the Prime Minister’s Office (PMO) for Investment, Prof. Godius Kahyarara, has recently disclosed that the total value of foreign investments in Tanzania in the period March-November 2021 reached USD 4.144 billion.
This is 300% more than the USD 1.013 billion in FDIs in 2020.
Prof. Kahyarara also disclosed that in the past nine months, projects registered at the Tanzania Investment Center (TIC) reached USD 3.55 billion.
In the same period, projects registered through the Export Processing Zones Authority (EPZA) resulted in investments of USD 79.62 million, while those in the mining sector reached USD 506.8 million.
Prof. Kahyarara attributed the exciting results to the Government’s efforts in economic diplomacy and in showcasing Tanzania as an investment destination of choice.
He concluded that Tanzania could in 2021 become the leading investment destination in Africa after Egypt that managed to attract USD 5.9 billion in FDI last year.
FDI to Tanzania
Foreign Direct Investment (FDI) inflows to Tanzania reached USD 1.013 billion in 2020 and USD 991 million in 2019, although the previous record was set in 2015 with USD 1.561 billion.
Investments were drawn mostly to the mining sector, the oil and gas industry, and the primary agricultural products sector (coffee, cashew nuts, and tobacco).