Prof. Godius Kahyarara, Permanent Secretary in the Prime Minister’s Office (PMO) for Investment, has revealed that the overall value of foreign investments in Tanzania between March and November 2021 surpassed USD 4.144 billion. This is a 300 per cent increase over the USD 1.013 billion in FDIs received in 2020.
Prof. Kahyarara further revealed that projects filed at the Tanzania Investment Center (TIC) had totalled USD 3.55 billion in the last nine months. During the same time period, projects registered with the Export Processing Zones Authority (EPZA) received USD 79.62 million in investment, while those in the mining industry received USD 506.8 million.
He further credited the encouraging outcomes to the government’s efforts in economic diplomacy and promoting Tanzania as a preferred investment destination and concluded that Tanzania could become Africa’s largest investment destination in 2021, surpassing Egypt, which attracted USD 5.9 billion in FDI last year.
Foreign Direct Investment (FDI) inflows to Tanzania reached USD 1.013 billion in 2020 and USD 991 million in 2019, breaking the previous high of USD 1.561 billion reached in 2015. The mining, oil and gas, and basic agricultural products sectors attracted the majority of investment (coffee, cashew nuts, and tobacco), according to the government
