The Tanzania’s Ministry of Industry, Trade and Investment has recently announced that the government is addressing efforts on promoting foreign direct investments (FDI) in processing and manufacturing sectors to add value to the country’s abundant raw materials and boost exporters’ earnings.
The announcement was made by the Ministry’s Deputy Permanent Secretary Joel Malongo, whom read a speech on behalf of the Permanent Secretary, Prof. Adolf Mkenda, during the two-day “India Brand Promotion” campaign that recently took place in Dar es Salaam.
The event, organized by India’s Agricultural and Processed Food Products Export Development Authority (ADEPA) and the Indian High Commission to Tanzania, counted with the participation of government officials as well as exporters from both countries.
Tanzania supports FDI especially in the processing and manufacturing sectors, as it seeks to tap those investments as a catalyst for exporters’ growth and development through the addition of value to their products and boost of profits, read Mr. Malongo.
Up to 90% of Tanzania’s pulses production is exported to India, therefore, there is a huge potential for both investors and farmers to develop projects in agricultural farming for pulses and other similar products that can be exported to any part of the world, stressed Mr. Malongo.
On the other side, India’s High Commissioner to Tanzania, Mr. Sandeep Arya, said that his government is willing to collaborate not only with farmers but with all those who want to strengthen bilateral relations and economic welfare at individual and communal level.
According to the Massachusetts Institute of Technology (MIT), the bilateral trade between Tanzania and India has grown from USD 3.2 billion in 2013 to USD 3.7 billion in 2014.
Exports from Tanzania to India grew from USD 0.78 billion in 2013 or 14% of the total exported in 2013 to USD 1.3 billion or 35% of the total exported in 2014.
Imports from India to Tanzania have been almost unchanged at approximately USD 2.4 billion or 20% of the total imported in the last two years with the Asian country being the largest source of imports in the continent and the second largest in the world after South Africa.
