Tanzania targets $15 Billion annual FDI by 2025, says President Samia
President Samia Suluhu Hassan said Tanzania's target is to reach the $15 billion annual value of foreign direct investments (FDI) come 2025.
She said this is possible as the country is implementing Africa's most ambitious and progressive economic reforms, leveraging the private sector and investments as catalysts for economic growth.
President Hassan was speaking during a business forum in India where she is for a four-day state visit.
In a statement from the director of presidential communications Ms Zuhura Yusus As part of the far-reaching reforms, Tanzania has deployed technological solutions that allow foreign investors to register their businesses and receive investment incentive approvals online prior to their arrival.
Tanzania has also streamlined its business regulations, making it easy for investors to comply, and provides robust incentive packages to investors.
"We have moved from registering $2 billion of FDI in 2020 to $5 billion in the year ending
June 2023. We target to reach $15 billion per year by the end of 2025," President Hassan was quoted in part.
It was revealed they since 1997 to date, Tanzania has attracted a stock of over $3.87 billion of investments from India, with a total of 675 projects and over 61,000 jobs delivered, making India one of the Top 5 investors in India.
President Samia said investment promotion agencies in mainland Tanzania and Zanzibar target to attract at least $3 billion of foreign direct investments (FDI) from India per year by 2025.