On 11th July 2023, the Tanzania Investment Centre (TIC) and the Foreign Cooperation Department of the Indian state of Haryana signed a Memorandum of Understanding (MoU) to enhance trade and investment cooperation.
The MoU covers various sectors of mutual interest, including automobiles, pharmaceuticals, textiles, engineering, energy, chemicals, fertilizers, agricultural products, science, education, and tourism.
Gilead Teri, Executive Director of TIC, stated that the agreement aims to attract investments from Haryana State, one of India’s leading states in terms of industrial production.
The goal is to encourage the establishment of industrial parks in Tanzania.
Teri also mentioned that more than 60 Indian investors attended the Dar es Salaam International Trade Fair that took place from the 1st to the 5th of July, marking a significant participation from India.
For his part, Haryana’s Foreign Cooperation Department Chief Secretary, Dr Raja Sekhar Vundru, expressed his optimism about the MoU, stating that it would strengthen trade and investment ties between Tanzania and India.
He emphasized the continuous interaction between the two nations and the commitment to maintaining the positive momentum.
India is Tanzania’s second-largest trading partner after China.
During the last 26 years, the exports of India to Tanzania have increased at an annualized rate of 10.8%, from USD 114 million in 1995 to USD 1.63 billion in 2021.
In 2021, India exported USD 1.63 billion to Tanzania, while Tanzania exported USD 1.86 billion to India.