(Ecofin Agency) - The Tanzanian Investment Centre attributes the rise in FDIs to increased confidence of investors in the country's economic prospects.

Tanzania pulled in $1.05 billion of foreign direct investments (FDIs) in Q3 2023, against $524.4 million in Q3 2022. The figures were released by the Tanzania Investment Centre (TIC) on November 18. 

According to the TIC, over the past quarter, China was the country’s biggest FDI source. With $614 million poured into the Tanzanian economy, the Asian mammoth came ahead of Singapore ($138.9 million), Germany ($118.6 million), India ($42.3 million), and Mauritius ($24.8 million).

By sector, the real estate and industrial sectors attracted the biggest portion of FDIs. Together, they captured 72% of all FDI recorded over the period concerned. Foreign investors injected, respectively, $480.38 million and $$245.58 million in both sectors.

The TIC takes the overall growth in FDIs from last year as "a sign of increased confidence in the country's economic prospects".

Tanzania’s growth rate is one of the strongest in Africa. The economy quickly recovered from Covid, across most sectors.  Fitch Solutions forecast the country’s Real GDP at 5.7% for this year, up from 5.4% in 2022.