India’s investments in Tanzania hit $3.68 billion

Dar es Salaam, Tanzania:

Tanzania received $3.68 billion in Indian investment during the previous fiscal year, according to Prime Minister Kassim Majaliwa.

Mr Majaliwa, who met a delegation of the Indian Parliament (Lok Sabha) led by the Asian country’s Speaker, Om Birla, said a total of 630 projects were registered by the Tanzania Investment Centre (TIC) during the period. 

“This is a result of government’s efforts, under President Samia Suluhu Hassan to improve the investment environment,” said the Premier.

Mr Majaliwa said India and Tanzania have close economic cooperation. According to him, India is Tanzania’s third largest trading partner, with bilateral trade worth $4.58 billion in 2021/2022.

“Our trade ratio is almost the same, so we all benefit equally,” he said.

Tanzania and India cooperate in different economic aspects, including energy, water, health, trade and technology.

In June 2022, Indian companies signed an agreement with the government to develop $500 million water projects in 28 cities, which are expected to benefit over six million Tanzanians.

On the other hand, Mr Birla said the India Parliament would promote the cooperation between the two countries for long-term benefits.

“On behalf of the Indian Parliament, we congratulate President Samia Suluhu Hassan for her exemplary leadership, which has accelerated economic growth and implementation of mega projects,” he said.

Mr Birla and his delegation are in Tanzania for a three-day visit, during which they will also visit tourist sites like national parks and beaches.