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Bilateral trade between Tanzania and India is set to cross USD 7 billion this year. Trade between the two countries hit a record USD 6.4 billion by the end of the 2022-23 financial year. For the current 2023-24 fiscal year, trade has already crossed USD 5.7 billion by December 2023.
Bilateral trade between Tanzania and India is set to cross USD 7 billion this year. Trade between the two countries hit a record USD 6.4 billion by the end of the 2022-23 financial year. For the current 2023-24 fiscal year, trade has already crossed USD 5.7 billion by December 2023.
This was revealed by Manoj Verma, an official of the Indian High Commission at Arusha in Tanzania while speaking at the Tanzania/India Business Forum (TIBF) recently. He said that Tanzania was set to become India’s largest trading partner in Africa. India, he pointed out, remained the top destination for Tanzanian exports, boosted by the duty-free tariff scheme extended by India.
Under the duty-free scheme, 98 percent of Tanzanian products are enjoying duty-free access in the Indian market. India is among the top five investment sources in Tanzania, with investment worth USD 3.93 billion, Verma added.
In the past year alone, over a dozen Indian business delegations have visitedTanzania, contributing to the promotion of bilateral trade and investments.Indian investments in Tanzania span key sectors such as hospitals, pharmaceuticals, animal vaccines, education, mining, and agro-processing, among others.
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Manoj Verma added that his country’s investments are set to increase significantly with the establishment of the proposed Indian Industrial Park. The government of Tanzania has already identified 1,000 acres of land near Dar es Salaam for the facility. Several Indian businesses have already expressed interest in investing
