Tanzania and India discuss using national currencies for commerce

Tanzania is India's economic partner in Africa, and the country is looking into the possibility of establishing a Special Economic Zone (SEZ) and engaging in bilateral trade in both Indian Rupees and Tanzanian Tshilling.

During Indian Ministry of External Affairs (MEA) Secretary Dammu Ravi's visit to Tanzania, these concepts were explored.
 
Ravi met with Emmanuel M. Tutuba, permanent secretary, Ministry of Finance and Planning of Africa, and Joseph Edward Sokoine, permanent secretary, Ministry of Foreign Affairs and East African Cooperation, during the visit.
 
In a meeting with Sokoine, extensive discussions about the bilateral ties between Tanzania and India were had. The Indian secretary spoke about a variety of topics, including bilateral trade in Indian rupees and Tanzanian shillings, alternate project financing methods, and developing a potential Indian Special Economic Zone in Tanzania. According to a statement by MEA, the Tanzanian side accepted the suggestions and both parties decided to work on them.
 
In addition, Ravi spoke at a business event at the Indian High Commission, where he spoke with over 85 business owners and CEOs from Tanzanian and Indian firms. The event also drew prominent members of the Indian diaspora.
 
Dammu Ravi visited the president of Zanzibar, Hussein Ali Mwinyi, while in Zanzibar. The president hailed Indian development assistance to Zanzibar and welcomed Indian investment in the island's IT, blue economy, and healthcare sectors, among other industries.
 
Ravi also went to a construction site for a project to bring water to Zanzibar's homes. Under the auspices of Government of India Lines of Credit, three Indian businesses are now putting water supply projects into action in Zanzibar.
 
With 700 annual scholarships for short- and long-term courses and over $1.1 billion in Lines of Credit, Tanzania is one of India's key development assistance partners in Africa. For 2021–2022, there will be $4.5 billion in bilateral trade, and Tanzania will receive $3.6 billion in Indian investment.

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