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The Minister of State in the President’s Office for Planning and Investment, Prof. Kitila Mkumbo, has stated that the evaluation of success in Tanzania’s investment sector relies on three key criteria: the number of registered projects, the number of jobs created, and the amount of capital attracted by those projects.
Speaking in Dar es Salaam on Friday, January 10, 2025, during a meeting with media editors on investment achievements and business environment reforms, Prof. Kitila explained that investment projects are registered through institutions such as the Tanzania Investment Centre (TIC) and the Export Processing Zones Authority (EPZA), both operating under the President’s Office for Planning and Investment. He also mentioned other entities like the Mining Commission and TPDC, which contribute to the sector.
“In the investment sector, we use three main criteria to assess success and progress. First, we consider the number of registered projects. These projects are registered through key institutions such as TIC and EPZA, which fall directly under the President’s Office for Planning and Investment. Additionally, there are other institutions outside this office, such as the Mining Commission, which handles investments in the mining sector, and TPDC,” Prof. Kitila noted.
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“We assess the number of registered projects, the number of jobs created, and the amount of capital attracted by those projects. Investment is the primary way to measure economic growth in a country. If there is no investment, there is no new economy. For instance, if the economy was worth 100 billion dollars or shillings and there is no new investment, it remains at 100 billion dollars,” he explained.
He further noted that Tanzania’s economy grew from TZS 141 trillion in 2022 to TZS 148 trillion in 2023, demonstrating economic growth supported by both domestic and foreign investments.
“All this growth is possible because investments are happening in the country, driven by companies from within and outside Tanzania,” Prof. Kitila emphasized.
The meeting aimed to update editors on the country’s investment outlook for 2025, with the government committing to fostering a conducive environment for business and investment.
