Emmanuela Kaganda a district commissioner in Tanzania said during the 78th anniversary of the Indian independence restated India’s importance to Tanzania not only as a trade partner but also as an investor, as seen in the Tanzanian newspaper, the Citizen.
“Apart from trade, India has become one of our top investors, who have invested $3.7billion in Tanzania,” the district commissioner stated.
As reported in March, Tanzania’s trade with India is projected to surpass $7 billion in this fiscal year. As of December 2023, the two nations’ fiscal year 2023–2024 bilateral trade had reached $5.7 billion. Prior to the current fiscal year (2022–2023), trade between these two countries reached a new high of $6.4 billion.
Additionally, Mr. Manoj Verma, an official of the Indian High Commission revealed that India has become the top destination for Tanzania exports, thanks to the duty-free scheme initiated by India. The scheme ensures that over 90% of Tanzanian goods entering India are duty-free.
Thanks to the more than a dozen investors that arrived in the nation, there has been bilateral trade between the two nations in only the last year.
Furthermore, according to India’s High Commissioner to Tanzania, Binaya Srikanta Pardhan, an estimated $1.2 billion (Sh3 trillion) worth of development projects are being carried out in Tanzania with Indian assistance.
