Maurice Makamba
Bilateral trade between India and Tanzania is on track to surpass $7 billion in the current fiscal year, showing a notable increase from the previous year’s trade volume. By December 2023, the trade between the two nations had already hit $5.7 billion, with the preceding fiscal year reaching a peak of $6.4 billion.
During the Tanzania/India Business Forum (TIBF) held over the weekend, Mr. Manoj Verma, an official from the Indian High Commission in Tanzania, revealed this information. He expressed optimism that Tanzania could emerge as India’s primary trading partner in Africa based on the current trend.
A key driver behind this growth is the favorable trade policies in place between India and Tanzania. The duty-free tariff scheme offered by India has proven highly advantageous, enabling 98% of Tanzanian products to access the Indian market without facing duties.
According to Indian data, India is the leading destination for Tanzanian exports. Moreover, India ranks among the top five sources of investment in Tanzania, with investments totaling $3.93 billion. These developments underscore the deepening economic relations and mutual advantages between the two countries.
