India’s Investments in Tanzania Hit $3.68 Billion
According to Tanzanian Prime Minister Kassim Magaliwa, Tanzania received US$3.68 billion in Indian investment last fiscal year.
He also pointed out during the meeting of the Indian Parliament (Lok Sabha) delegation, headed by the Asian country’s speaker Om Birla, that a total of 630 projects were registered by the Tanzanian Investment Center (TIC) during this period.
“This is the result of President Samia Solo Hassan’s government’s efforts to improve the investment environment,” he said.
India is currently Tanzania’s third largest trading partner with a bilateral trade value of US$4.58 billion in 2021/2022.
Trade relations between India and Tanzania have grown steadily in recent years. India is Tanzania’s second largest trading partner after China. In 2018-2019, the total trade between the two countries reached US$1.26 billion.
According to Citizen, a Tanzanian news magazine, more than 6 million Tanzanians are expected to benefit from India’s relationship with Tanzania.
Also, read; UNESCO Settles Jollof Rice Debate, Recognizes Senegal As Birthplace Of The West African Dish
According to the report; “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 over six million Tanzanians.”
Besides trade, India and Tanzania share strong cultural and educational ties. The Indian Council on Cultural Relations supports cultural exchange between the two countries.
India also offers scholarships for Tanzanian students under the Indian Technical and Economic Cooperation (ITEC) program. Trade relations between India and Tanzania have the potential to expand in the coming years.
India and Tanzania have an opportunity to explore new trade and investment routes. India can help Tanzania in areas such as renewable energy, agricultural processing, dairy, food processing and pharmaceuticals.
India can also explore the potential for investment in digital infrastructure and e-commerce in Tanzania. India and Tanzania traditionally maintain strong and friendly relations.
The two countries have the potential to further deepen their economic and trade ties, which will benefit both countries.