Tanzania Seeks Investments From India
Addressing business leaders from both countries, Tanzania President Samia Suluhu Hassan said that India is among the top five investors in her country.
East African nation Tanzania on Tuesday sought investments from India, saying it provides a robust incentive package and ease of doing business to attract the private sector.
Addressing business leaders from both countries, Tanzania President Samia Suluhu Hassan said that India is among the top five investors in her country.
India has investments in different sectors like manufacturing, real estate, transportation, tourism, agriculture and human resource services.
"Tanzania is strategically located in East Africa. In Tanzania, we provide a market of 61million people, and it is also a signatory of the African Continental Free Trade Area (AFCFTA)...So, invest in Tanzania to enjoy all the market size," she said here.
Enlisting steps that have been taken to attract investors, the president said the registration process has been made easy and the country provides a robust incentive package for investors.
"We are targeting $15 billion (foreign direct investment by the end of 2025," she said, adding "We have done many things to make Tanzania a best investment destination...Our doors are open to welcome you".
Speaking at the event, Commerce and Industry Minister Piyush Goyal said huge opportunities are there in both countries to enhance collaborations in sectors like tourism, agri, healthcare, pharma and space.
President Hassan arrived here on a four-day visit on Sunday. She is accompanied by a high-level ministerial delegation, the Head of Tanzania Investment Commission and a 60-member business delegation.
The bilateral trade between the two countries increased to $6.5 billion( $ 4 billion exports and $ 2.54 billion imports) in 2022-23 from $ 4.58 billion in 2021-22.
Goyal said there is huge potential, and business persons will truly make both countries proud with their commitment to make this relationship grow and expand and really provide opportunities for jobs in both countries.
India will partner with Tanzania in different sectors like education, technology, skill development, capacity building, culture, energy, climate action, and trade settlement in local currencies, he said. He noted that India has offered lines of credit to ensure infrastructure development and ensure creation of utilities in Tanzania.
"Tanzania is the biggest export destination of India in Africa and we look forward to making this another fast-growing story...we can work together to ensure mutual food security, and in the pharma sector and the new and emerging space sector," he added.
A number of MoUs from sectors such as healthcare, pharma, investments, startups, insurance, MSMEs and electronic tech solutions were exchanged in the presence of the two leaders.