Tanzania has experienced a significant surge in investment, with a remarkable 120% increase in just one month, with the agricultural sector taking the forefront in this growth.
As per a recent report from the Tanzanian Investment Center, the value of investment projects in the East African nation rose from Tsh1.06 trillion (Ksh62.26 billion) in July to Tsh2.33 trillion (Ksh136.87 billion) in August of this year.
The report also reveals an increase in the number of projects, rising from 40 in July to 58 in August. Agriculture has particularly contributed in this rapid expansion, with investment funds allocated to this sector growing by over Tsh275.53 billion (Ksh16.17 billion) in the review period.
In line with the report released last week, August witnessed a total revenue of Tsh849.13 billion (Ksh49.88 billion) generated from agriculture, compared to Tsh571.10 billion (Ksh33.53 billion) recorded in the previous month.
Furthermore, the number of projects registered by the Tanzanian Investment Center increased from 3 in July to 10 in August. The report also indicates that these 58 projects in August are expected to generate approximately 25,700 job opportunities within the country.
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According to recent data from the Bank of Tanzania, tourism has made a significant resurgence, contributing $2.99 billion to foreign exchange earnings in July 2023, up from $1.95 billion in July 2022. This reflects a 33% increase in service receipts, reaching $5.49 billion in July 2023, up from $4.12 billion in July 2022, according to the Bank of Tanzania.