He also noted during a meeting of the delegation of the Indian Parliament (Lok Sabha) chaired by the Speaker of the Asian country, Om Birla, that a total of 630 projects were registered by the Tanzania Investment Center (TIC) during the period.
“This is the result of the government’s efforts, under President Samia Suluhu Hassan, to improve the investment environment,” said.
Currently, India is Tanzania’s third largest trading partner, with bilateral trade worth $4.58 billion in 2021/2022.
India-Tanzania trade relations have been on the rise for a long time. India is Tanzania’s second largest trading partner after China. In 2018-2019, the total trade between the two countries stood at US$ 1.26 billion.
According to Citizen, a Tanzanian news publication, India’s relationship with Tanzania is set to benefit more than 6 million Tanzanians.
The report was read in part; “In June 2022, an Indian company signed an agreement with the government to develop a $500 million water project in 28 cities, which will benefit more than six million Tanzanians.”
Apart from trade, India and Tanzania have strong cultural and educational ties. The Indian Council for Cultural Relations (ICCR) has been supporting various cultural exchanges between the two countries.
India also offers scholarships to Tanzanian students under the India Technical and Economic Cooperation (ITEC) programme. India-Tanzania trade relations have the potential to further develop in the coming years.
India and Tanzania have an opportunity to explore new avenues for trade and investment. India can help Tanzania in areas such as renewable energy, agro-processing, dairy, food processing, and pharmaceuticals.
India can also explore potential investment in digital infrastructure and e-commerce in Tanzania. India and Tanzania have traditionally enjoyed strong and friendly relations. The two countries have the potential to increase economic and trade relations, which will be beneficial for both countries.