Tanzania, which is a major part of the Southern African Development Community (SADC), is to strengthen economic ties with India to exploit further business and investment opportunities in both countries.
Tanzania has a population of 61.7 million people and is a member of the East African Community and SADC, which jointly represent a market of some 417 million people.
Tanzania's main exports to India are cashew nuts, gold, tanzanite, legumes, beans, pigeon peas and chickpeas, cloves, wood and sesame seeds. Dar es Salaam's major imports from India are mineral fuels, pharmaceutical products, vehicles and parts, sugar and sugar confectionery, machinery and building materials.
India's Minister of State for External and Parliamentary Affairs, Vellamvelly Muraleedharan, said in Dar es Salaam that the two countries had a longstanding and close relationship, particularly in trade, dating back centuries.
"It is fitting to declare that, whether or not India is the largest trade partner, India is undoubtedly the best trade partner Tanzania has," Muraleedharan said during a recent visit to Tanzania.
According to Indian statistics, bilateral trade between the two countries reached $6.4 billion in 2022/23.
He added that the India-Tanzania business forum organised last month had seen the signing of eight private sector Memoranda of Understanding (MoUs) across various fields, ranging from start-ups to multi-speciality hospitals, and the establishment of a 1 000-acre Indian Industrial Park near Dar es Salaam.
The Tanzania Trade Development Authority (TANTRADE) director general, Latifa Hamis, said TANTRADE acted as a bridge between all trades, external and internal, from Tanzania and India for mutual benefit.
"The use of our currencies [shilling and rupee] as a medium of exchange will stimulate trade relations and increase volume," she said.
