Tanzanian President Samia Suluhu Hassan announced a target of receiving $15 billion in Foreign Direct Investment (FDI) from India by 2025 during her visit to India. This statement was made during her address at the India-Tanzania Business Investment Forum in New Delhi on October 10, 2023.
The Tanzanian government has made efforts to streamline regulations and make it easier for businesses to register in the country, along with offering incentive packages to attract foreign investment. They have set up a special desk for Indian people and businesses in Zanzibar to facilitate this goal.
During her visit, the two countries signed six Memoranda of Understanding (MoUs) in various fields, including communications, maritime security, and sports, with the aim of improving bilateral trade and relations.
Piyush Goyal, India’s Minister of Commerce, expressed the importance of the growing relationship between the two countries, focusing on investments, startups, healthcare, and trade. He highlighted the potential for both countries to benefit from this relationship and mentioned partnerships in various sectors, including education, skill development, culture, energy, climate action, and trade settlements in local currencies. India has also offered lines of credit to support infrastructure development and utilities in Tanzania.
In terms of trade, Tanzania is India’s largest export destination in Africa, with a bilateral trade volume of $6.4 billion. India exports goods worth $3.9 billion to Tanzania and imports $2.4 billion in goods from the country. India is the fifth-largest investor in Tanzania, with around $3.7 billion in investments in the country. These developments signify a growing economic and trade partnership between India and Tanzania.