Tanzania-India trade volume to hit 14tri/-
THE trade volume between Tanzania and India is projected to hit 6 billion US dollars (equivalent to 14tri/-) in the next financial year (2023/2024).
The projection follows a successful trade volume growth which reached 4.5 billion US dollars (equivalent to 10.5tri/-) last year.
The trade balance report for the financial year 2022/2023 indicated that India’s trade volume towards Tanzania hit 2.3 billion US dollars (equivalent to 5.34/- tri/-).
This is equal to 51 per cent while Tanzania exported commodities to India worth 2.2 billion US dollars equivalent to 5.15 tri/- equal to 49 per cent.
Tanzania exports included gold, copper, coal, cashews, avocado and soya beans while India imported from Tanzania petroleum products, both organic and inorganic chemicals.
Indian High Commissioner to Tanzania, Mr Binaya Pradhan told journalists in Dar es Salaam yesterday that the success is due to good diplomatic relations between the two countries.
“The trade relations between Tanzania and India is quite good… our countries are highly depending on each other,” said the High Commissioner.
He added: “India has continued to be the largest destination of Tanzania business products… we expect to continue having this good relationship.”
The envoy said that India is expecting to spread its wings to Tanzania in the education sector as it will have a branch affiliated to the India Institute of Technology (IIT) for Computer Science and Engineering Programmes.
“We expect to launch Computer Science programmes that will provide education to Tanzanians, so we expect to start classes in 2023/24 academic year,” he added.
He briefly spoke of programme initiated by the United Arabs Emirates (UAE) with a plan to invest in health sector by facilitating the availability of equipment and bring into the country medical doctors, including launching training for Tanzanian medical doctors.
“Last year there was an establishment of India-UAE partnership with a plan to invest in health sector and bring in doctors who will train Tanzanian counterparts who want to specialise in various health fields,” he said.
He called for establishing good working relations and good cooperation between the private, government and UAE health facilities to improve the health sector.
Mr Pradhan also said that the Indian government has provided at least 450 scholarships to Tanzanians in the current financial year.
He said of scholarships provided, 30 Tanzanians are pursuing Master degree and PhD. He also added that they have a plan to open an Indian Industrial Park in Dar es Salaam that will be linked to Standard Gauge Railway (SGR) for major objective of boost the growth of the Gross Domestic Product (GDP).
According to the High Commissioner, about 98 percent of Tanzanian commodities have duty free access to India.
The Asian nation introduced avocado importation in January 2022 and in a few months, it saw large amount of the agricultural produce being brought to the Indian market.