EAM S. Jaishankar addressing the India-Tanzania business conclave.
External Affairs Minister S. Jaishankar said: “India’s bilateral trade last year with Tanzania was at USD 6.4 billion.” “India remains the biggest destination for Tanzanian exports.”
The External Affairs Minister, who is in Tanzania on a four-day visit, made these remarks while addressing the India-Tanzania Business Conclave.
He began his address by saying that Tanzania and India enjoy traditionally close and friendly relations. “We have a very sound political understanding. We have seen regular high-level visits, including that of Prime Minister Modi a few years ago and we have, of course, very broad, very deep people-to-people contacts regarding economic ties,” said Jaishankar.
He stated that India is Tanzania’s best trading partner and that the two countries are committed to taking this forward.
Despite the global disruption and the Covid-19 challenges, India-Tanzania bilateral trade has actually seen very strong growth, said Jaishankar. “The Indian figures actually put our bilateral trade last year at USD 6.4 billion, that is in 2020, 2022 and 2023.”
“This is not only a very substantial bilateral trade, but it’s also actually a bilateral trade which is getting increasingly balanced. And what is most important is that India remains the biggest destination for Tanzanian exports,” the External Affairs Minister said.
“When it comes to the Indian business interest in Tanzania, obviously the way to promote that is through frequent exchanges of delegations of individual business of companies. And I was very happy to learn that in 2022, eight huge exhibitions in various sectors took place here,” he further stated.
He said there were more than 700 Indian businessmen who came to Tanzania and helped promote bilateral trade and investment, adding that Indian investments in Tanzania were growing in a wide range of domains.
“In regards to investment, we have seen investments in hospitals, pharma, animal vaccines, education, mining and agro-processing,” said Jaishankar. (www. news.webindia123.com)
