He noted in a meeting of the Indian Parliament (Lok Sabha) delegation led by Asian Country Speaker Om Birla that a total of 630 projects were registered by the Tanzania Investment Center (TIC) during the period.
“This is a result of the government’s efforts under President Samia Suluhu Hassan to improve the investment climate.” He said.
Currently, India is Tanzania’s third largest trading partner with bilateral trade worth $4.58 billion in 2021/2022.
India-Tanzania trade relations have been growing steadily in recent years. India is Tanzania’s second largest trading partner after China. In 2018-19, the total trade between the two countries was US$ 1.26 billion.
According to Citizen, a Tanzanian news publication, India’s relationship with Tanzania has benefited 6 million Tanzanian residents.
The report reads in part; “In June 2022, Indian companies signed an agreement with the government to develop $500 million water projects in 28 cities, which are expected to benefit six million Tanzanians.”
Besides trade, India and Tanzania share strong cultural and educational ties. The Indian Council for Cultural Relations (ICCR) has been supporting various cultural exchanges between the two countries.
India offers scholarships to Tanzanian students under the Indian Technical and Economic Cooperation (ITEC) programme. India-Tanzania trade relations have the potential to expand further in the coming years.
India and Tanzania have an opportunity to explore new avenues for trade and investment. India can help Tanzania in renewable energy, agro-processing, dairy, food processing and pharmaceutical sectors.
India can explore the potential of investing in digital infrastructure and e-commerce in Tanzania. India and Tanzania have traditionally enjoyed strong and cordial relations. Both countries have the potential to further enhance their economic and trade relations, which will be beneficial to both countries.