The Dar es Salaam business community and Indian investors met to discuss expansion of trade between both nations, as well as increasing investments in Tanzania, particularly in oil and gas.
The Tanzania-India Joint Trade Committee (JTC) convened in Dar last week, bringing business leaders from both nations together for two days to discuss current investment opportunities in Tanzania.
Yogesh Manek, prominant local business man and founder of MAC Group, said the Tanzanian government supports private sector enterprises and is currently working towards boosting foreign direct investments in infrastructure, agriculture, oil, and gas.
At the JTC meeting both nations agreed to double the amount of bilateral trade between them over the next to years, and to even out the imbalance of trade, which currently favors India.
In 2012, bilateral trade between the nations stood at about $2.12 billion USD, and exports to India have grown from $196 million USD in 2008 to $526 million in 2012.
Chandrajit Banerjee, Director General of the Conferderation of Indian Industry commented at the convention that he aims to further strengthen trade between the nations, and that Indian businesspeople looking towards Africa and particularly interested in Tanzania due to it’s fast growing economy and security.