years

Kigoda lauds Indo- Tanzanian trade ties

Posted on : Tuesday , 10th March 2015

 

 
The Minister for Industry and Trade, Dr Abdallah Kigoda, has hailed the growing trade relations between Tanzania and India and called on entrepreneurs to grab the opportunities availed for more growth and development.
The minister was speaking at a one day conference on ‘Enhancing Efficiency and Maximising Output of Tanzania Economy: An Indian Initiative,’ in Dar es Salaam at the weekend.
 
The minister called on the Indian investors to capitalize on the opportunities for trade and investments in Tanzania as the country is striving to improve her business climate through reforms and policy measures.
 
“I call upon prospective Indian investors to capitalise on the available opportunities to enhance trade and investment from India,” he said in a speech read on his behalf by the Director for Trade and Marketing in the Ministry of Industry and Trade, Odilo Majengo.
 
Reforms and policy measures undertaken to improve the business climate in Tanzania had made the country most attractive for investments in Africa last year, he said. India is a major trading partner of Tanzania’s.
 
It is among the top three investors and among the top five export destinations and sources of imports for Tanzania.
 
Tanzania imports from India include pharmaceutical products, iron, alloy steel, electrical items, motor vehicles, machinery and tractors, while exports to the Asian country are cashew nut, sesame, minerals and cotton.
 
Trade volume between the two countries has gone up from 1.5 billion US dollars a few years ago to 4.0 billion US dollars last year.
 
Tanzania is one of the largest beneficiaries under the Indian Technical and Economic Cooperation (ITEC) Scholarship Programme and the Indian Council for Cultural Relations (ICCR) Scholarship Programme.
The Indian High Commissioner, Debnath Shaw, also hailed growing bilateral trade relations between Tanzania and India and highlighted presence of major Indian brands in Tanzania such as Bajaj, TVS, Mahindra, Tata, Reliance, Bank of Baroda and Bank of India.
 
He underlined the role of schemes under foreign trade policy to enhance exports from Tanzania to the Indian market.
 
Among other Indian initiatives and emerging trends, he underlined lines of credit in farm machinery, trucks for defence, water supply, Indian partnership with Tanzanian government in the field of ICT, scholarships for Tanzanian students for education in India and medical tourism.
 
The Indian envoy said establishing direct air connection between the two countries would boost the growing relationship further.
 
Earlier, the Executive Secretary of Tanzania National Business Council, Raymond Mbilinyi, said the government was working closely with the private sector to strive for a more conducive business environment in the country.
 
He said the government had incorporated the private sector under TNBC to work on the constraints in doing business in Tanzania seen through multiplicity and duplicity in regulatory mandates, lack of coordination and harmonization among regulatory authorities and overly prescriptive and outdated business legislations.
 
He mentioned other areas where the government was working on tax regime where the government is focused on improving and reviewing regulations on taxes and taxing agencies.
 
The government was committed to speed up reforms to improve business climate in the country and had placed the agenda among focal areas under the Big Results Now (BRN) initiative, he said.

Source : IN 2 EAST AFRICA

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