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Tanzanian Prime Minister Kassim Majaliwa has unveiled a series of investment reports showcasing progress in creating a more favorable environment for investment and business in the country, the Tanzania Investment Center (TIC) said on Saturday.

The reports are part of the ongoing implementation of the seven-year (2018-2024) strategy for improving the investment and business environment, the TIC said in a statement.

The launch of the reports highlighted the government’s commitment to ensuring that Tanzania continues to be a top destination for investment in sectors such as manufacturing, transport, tourism, construction and agriculture, paving the way for a prosperous and competitive economy, the statement said.

According to the statement, in 2023, Tanzania registered 9,678 projects valued at 8.658 billion U.S. dollars, compared to 8,401 projects worth 5.558 billion dollars in 2022, a 56 percent increase in the investments.

The TIC said the government’s ongoing efforts to foster innovation, enhance efficiency and strengthen public-private partnerships are expected to build investor confidence further and drive Tanzania’s economic growth.

Since 2019, Tanzania has taken considerable steps to streamline regulatory frameworks, making it easier for both public and private sectors to thrive, the statement added.