India-Tanzania explore trade in national currencies

India and its financial associate in Africa— Tanzania have explored potentialities of opening an Indian SEZ in Tanzania and bilateral trade in Indian Rupees and Tanzanian shilling.

These concepts have been explores when Secretary (ER) in MEA Dammu Ravi visited Tanzania on 06-07 October.

During the go to, he met with Joseph Edward Sokoine, Permanent Secretary, Ministry of Foreign Affairs and East African Cooperation and Emmanuel M. Tutuba, Permanent Secretary, Ministry of Finance & Planning.

During his assembly with Sokoine, complete discussions have been held on the India-Tanzania bilateral relations. In the assembly along with his Finance Ministry counterpart, Secretary (ER) mentioned a variety of points together with improvement cooperation, other ways of financing of initiatives, exploring potentialities of opening an Indian SEZ in Tanzania and bilateral trade in Indian Rupees and Tanzanian Tshilling.

The Tanzanian aspect welcomed the concepts and each side agreed to work on these, in response to a press release by MEA.

The Secretary (ER) additionally addressed a enterprise occasion on the High Commission of India the place he interacted with about 85 entrepreneurs and CEOs of Indian and Tanzanian corporations. Prominent members of the Indian diaspora additionally attended the occasion.

During his go to to Zanzibar on 07 October 2022, Secretary (ER) known as on Hussein Ali Mwinyi, President of Zanzibar. President of Zanzibar welcomed the Indian improvement cooperation in Zanzibar and invited Indian funding in varied sectors together with IT, blue financial system and healthcare in the island. Secretary (ER) additionally visited a undertaking web site beneath building for provide of water to households of Zanzibar. Three Indian corporations are presently implementing water provide initiatives in Zanzibar beneath Government of India Lines of Credit.

Tanzania is certainly one of India’s main improvement help companions in Africa with over US$ 1.1 billion Lines of Credit and 700 annual scholarships for short-term and long-term programs. Bilateral trade stands at US$ 4.5 billion for 2021-22 and Indian funding in Tanzania is US$ 3.6 billion.