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    East African Business Week: Tanzania Gas Discoveries Help Attract Investors

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Summary

Tanzania's massive gas discoveries, particularly on the Songo Songo field, have helped to attract 14.5% more foreign investment in 2014, a report says

by: Erica Mills

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Press Notes, Africa

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East African Business Week: Tanzania Gas Discoveries Help Attract Investors

Tanzania’s Foreign Direct Investment (FDI) has risen by 14.5%, thanks to gas discoveries in the country including Songo Songo writes Leonard Magomba.

According to newly launched World Investment Report 2015, the growth makes Tanzania, the leading FDI’s destination in the East African Community (EAC).

However, the report indicates that Global FDI inflows in 2014 fell by 16% to $1.2 trillion, mostly because of the fragility of the global economy, policy uncertainty for investors and elevated geographical risks.

Speaking on behalf of The Minister for Investment and Empowerment, Eng. Christopher Chiza at the launching ceremony of the report held in Dar es Salaam last week the Permanent Secretary in the Prime Minister’s Office, Dr. Flolence Turuka, said the country’s FDI inflows represented its highest level in 2014 given that it attracted slightly $ 2,142 million compared to its last peak of $2,131 million in 2013.

Read the full article HERE.

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