Tanzania’s investment increases by an astounding 120% in just one month, with the agriculture industry driving this rapid expansion.
According to the Tanzanian Investment Center’s most recent report, the value of investment projects in the nation of East Africa increased from Sh1.06 trillion in July to Sh2.33 trillion in August of this year.
The same data also demonstrated that there were more initiatives in August than in July, going from 40 to 58. In the time under review, investment funds dedicated to the agricultural sector increased by more than Sh275.53 billion, placing it at the epicentre of this rapid expansion.
The report, which was published at the end of last week, states that in contrast to the Sh571.10 realised in July, the total revenue actualized from agriculture in August was Sh849.13 billion.
In addition, from 3 in July to 10 in August, the Tanzanian Investment Centre registered more projects. The 58 projects announced in August are anticipated to generate about 25,700 new jobs nationwide, according to the report.
This encouraging news continues Tanzania’s economic expansion trajectory. Tanzania’s tourism industry is experiencing a significant resurgence, according to a recent study from Business Insider Africa. The Bank of Tanzania’s most recent statistics show that tourism has made a remarkable comeback, increasing its contribution to foreign exchange gains from $1.95 billion in July 2022 to $2.99 billion in July 2023.
According to the Bank of Tanzania, this means that service receipts will rise by 33%, from $4.12 billion in July 2022 to $5.49 billion in July 2023.
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