TANZANIA: TANZANIA has reinstated its commitment to strengthen economic ties with India to exploit further business and investment opportunities in both countries.
Tanzania has a market share of 61.7 million population and member of the East African Community (EAC) and Southern Africa Development Community (SADC) boosting a market of some 417 million people.
The Deputy Minister of Foreign Affairs and East African Cooperation, Amb Mbarouk Nassor Mbarouk, said on Tuesday that investing in the country will guarantee the growth of both countries.
Tanzania’s main exports to India are cashew nuts, gold, tanzanite, legume, beans, pigeon peas and chickpeas, cloves, wood and sesame seeds. Dar es Salaam’s major import from India are mineral fuels, pharmaceutical products, vehicles and parts, sugar and sugar confectionery, machinery and building materials.
India’s Minister of State for External Affairs Parliamentary Affairs, Mr Vellamvelly Muraleedharan said in Dar es Salaam that Dar and New Delhi share a longstanding and close relationship, particularly in trade, dating back centuries.
“It is fitting to declare that, whether or not India is the largest trade partner, India is undoubtedly the best trade partner of Tanzania,” The Minister, who is visiting the country, said.
According to Indian statistics, the bilateral trade between the two countries has reached 6.4 billion US dollars in 2022/23.
He added that the India-Tanzania business forum organised last month during President Samia Suluhu Hassan in New Delhi saw the signing of eight private sector MoUs across various fields, ranging from startups to multi-specialty hospitals, and the establishment of a 1000-acre Indian Industrial Park near Dar es Salaam.
The Tanzania Trade Development Authority (TANTRADE) Director General, Ms Latifa Hamis, said TANTRADE acts as a bridge between all trades external and internal from Tanzania and India for mutual benefits.
“The use of our currencies [shilling and rupee] as a medium of exchange will stimulate trade relations and increase volume,” Ms Hamis said.