https://sputniknews.in/20230130/india-targets-6bln-trade-in-tanzania-692717.html
India Targets $6Bln Trade in Tanzania
India Targets $6Bln Trade in Tanzania
Sputnik India
India is reportedly targeting to achieve a trading volume with Tanzania of upto $6 billion by the end of 2023, by various steps including increasing duty-free goods, and trade in local currencies.
2023-01-30T18:28+0530
2023-01-30T18:28+0530
2023-01-30T18:28+0530
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New Delhi is reportedly aiming to achieve a trade volume of up to $6 billion with Tanzania by the end of 2023 by means of various steps, including increasing the share of duty-free goods in bilateral trade and stimulating trade in national currencies, namely in Indian rupees and Tanzanian shilling.The Indian High Commissioner to Tanzania, Binaya Prathan, confirmed that “negotiations with local banks are expected to begin” soon.Prathan added that last year had been a good business year for both countries.India and Tanzania have had diplomatic relations since 1995. The items imported by India include refined petroleum, pharmaceuticals, and raw sugar while Tanzania imports raw copper, coconuts, and gold.
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Deexa Khanduri
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India Targets $6Bln Trade in Tanzania
Deexa Khanduri
Sputnik correspondent
India is Tanzania’s second-largest trading partner after China. In 2021-2022, bilateral trade between the two countries was worth $4.58 billion.
New Delhi is reportedly aiming to achieve a trade volume of up to $6 billion with Tanzania by the end of 2023 by means of various steps, including increasing the share of duty-free goods in bilateral trade and stimulating trade in national currencies, namely in Indian rupees and Tanzanian shilling.
The Indian High Commissioner to Tanzania, Binaya Prathan, confirmed that “negotiations with local banks are expected to begin” soon.
Prathan added that last year had been a good business year for both countries.
“Only three Indian banks are operating in Tanzania, so part of the plan is to convince more banks to open branches here. We are doing this to eliminate the foreign currency barrier and make doing business easier and transactions cheaper,” Prathan added.
India and Tanzania have had diplomatic relations since 1995. The items imported by India include refined petroleum, pharmaceuticals, and raw sugar while Tanzania imports raw copper, coconuts, and gold.
