Tanzanian-Indian Trade is Expected to Reach $7 Billion This Year

Bilateral trade between Tanzania and India is set to cross $7 billion this year. By the end of the fiscal year 2022–2023, trade between the two nations had reached a record $6.4 billion. Trade figures for the current fiscal year 2023–2024 show that as of December 2023, trade has already surpassed $5.7 billion. Mr. Verma claims that with $3.93 billion in investments, India ranks among the top five investment sources in Tanzania. Over a dozen corporate delegations from India have visited Tanzania in the last year alone, helping to advance bilateral commerce and investment. Tanzania has seen investments from India in a number of important industries, including mining, agro-processing, hospitals, pharmaceuticals, and animal vaccines. He continued by saying that his nation's investments will rise dramatically with the development of the projected Indian Industrial Park. For the project, the Tanzanian government has already designated 1,000 acres of land close to Dar es Salaam. and several Indian companies have already indicated their desire to make investments in the agro-processing, infrastructure, automotive, and pharmaceutical industries.

 Two years prior, the two nations agreed to an agreement to utilise Special Rupee Vostro Accounts (SRVA) to facilitate bilateral trading in local currencies, the Tanzanian shilling and the Indian rupee. The creative strategy is thought to inspire Tanzanian and Indian banks and companies to increase commerce. President Samia Suluhu Hassan's state visit to India last year, according to Sameer Gupta, speaking on behalf of the Tanzania/India Business Forum, was sufficient evidence of the expanding connections. In October 2023, 14 Memoranda of Understanding (MoUs) covering different sectors, including sports, digital solutions, and the maritime sector, were signed. The Arusha regional business chamber's Roman Chuwa stated that he hoped that there would be more collaborations between Tanzanian companies and Indian companies. One of India's historic support initiatives for Tanzania is the Institute of Technology in Zanzibar, according to Mr. Kake Dharwal, director of a logistics company with headquarters in Arusha.

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