Tanzania’s investment soared by a staggering 120% in just one month, with the agricultural sector at the helm of this exponential growth.
This is according to the latest report by the Tanzanian Investment Center (TIC), which disclosed that the value of investment projects in the East African country rose from Sh1.06 trillion in July to Sh2.33 trillion in August this year.
The same report also showed that the number of projects rose from 40 in July to 58 in August. Agriculture sits at the centre of this rapid growth, as investment funds allocated to this sector grew by more than Sh275.53 billion in the period under review.
According to the report released at the end of last week, Sh849.13 billion was the total revenue actualised from agriculture in August, as opposed to Sh571.10, which was realised in the previous month.
Additionally, the number of projects the Tanzanian Investment Center registered rose from 3 in July to 10 in August. The report also relayed that the 58 projects in August are expected to create around 25,700 jobs in the country.
This piece of good news follows the growth trend in the Tanzanian economy. Just last week, news outlets reported that Tanzania’s tourism sector is making a huge comeback.
According to the latest figures from the Bank of Tanzania, tourism has made a tremendous rebound, contributing $2.99 billion to foreign exchange profits in July 2023, up from $1.95 billion in July 2022.
According to the Bank of Tanzania, this indicates a 33% increase in service receipts, reaching $5.49 billion in July 2023, up from $4.12 billion in July 2022.
A senior lecturer from the State University of Zanzibar, Prof Haji Semboja said Tanzania is globally recognised for its potential in the Agriculture sector.
“The Agriculture sector has supportive policies, laws and procedures that have been encouraging foreign investment, “ he said.
Prof Semboja said the global market now looks at diversification, especially following the outbreak of the Russian-Ukraine war.