Tanzania Achieves $7.75 Billion in Investments in 2024, Highlights Economic Success

Dar es Salaam. President Samia Suluhu Hassan has announced a landmark year for Tanzania’s economy, with $7.75 billion worth of investment projects registered in 2024. Speaking at a diplomatic sherry party with ambassadors on January 14, 2025, held at the State House in Dar es Salaam, the President outlined key achievements that underline the country’s growing appeal to international investors and its commitment to sustainable development.

“We attracted substantial foreign direct investments, with over $7.75 billion worth of projects registered in 2024 alone,” said President Samia, emphasizing Zanzibar’s role in the economic boom, noting the island’s registration of 116 projects valued at $0.62 billion, which created approximately 3,376 jobs.

“These surges in investments reflect the growing confidence in our commitment to sustainable development and inclusive economic growth, positioning Tanzania as a key player regionally and globally,” she added.

Export and  tourism growth reaches new heights

In addition to the investment milestone, Tanzania’s export sector experienced remarkable growth. By September 2024, exports of goods and services were valued at $50 billion, accounting for approximately 19% of GDP. This represents a significant leap from $13.5 billion in 2023.

President Samia highlighted the agriculture sector’s role in this achievement, with an increase in food self-sufficiency to 128% and expanded exports of priority crops. “This positions Tanzania as a crucial player in regional food security,” she noted.

Tourism also demonstrated strong performance, generating $3.6 billion in 2024, compared to $3.4 billion in 2023 and $2.5 billion in 2022. The sector remains a cornerstone of Tanzania’s economic transformation, contributing over 17.7% to GDP and 24% of foreign exchange earnings.

“Tanzania is committed to promoting growth in this sector and achieving our target of welcoming 5 million tourists annually,” said the President.

The achievements of 2024 reinforce Tanzania’s position as a regional economic leader. With investments flowing in and key sectors like exports, agriculture, and tourism driving growth, the country is poised for continued success.

“Tanzania is proving to be an attractive and reliable partner in fostering sustainable development and economic diversification,” President Samia concluded, reiterating her administration’s commitment to inclusive growth and international collaboration.

As the nation moves into 2025, Tanzania’s economic momentum offers a promising outlook for its role on the global stage.