India Remains Tanzania’s Biggest Trading Partner, Says MEA S Jaishankar
During his visit to Tanzania, External Affairs Minister S Jaishankar highlighted the strong bilateral trade relationship between India and Tanzania. He stated that in the previous year, India’s bilateral trade with Tanzania amounted to USD 6.4 billion, making India the primary market for Tanzanian exports. These remarks were made by Minister Jaishankar during his speech at the India-Tanzania Business Conclave.
Minister Jaishankar extended his greetings to all the dignitaries present on the occasion of Saba Saba Day, which commemorates the establishment of the Tanzanian political party, TANU, in 1954.
Speaking at the conclave, Minister Jaishankar emphasized the solid political understanding between India and Tanzania, evidenced by regular high-level visits, including Prime Minister Modi’s visit a few years ago. He also highlighted the deep people-to-people contacts contributing to economic ties between the two nations.
Despite the global disruptions caused by the COVID-19 pandemic, India-Tanzania bilateral trade has experienced strong growth. Minister Jaishankar stated that the bilateral trade volume reached USD 6.4 billion in 2020, 2022, and 2023, marking a substantial increase. He also emphasized that the trade relationship is becoming increasingly balanced.
The Indian figures put our bilateral trade last year at USD 6.4 billion, which not only represents a significant trade volume but is also indicative of a trade relationship that is becoming more balanced, Minister Jaishankar stated. He further highlighted that India remains the top destination for Tanzanian exports.
In his address to the conclave, Minister Jaishankar expressed optimism about the growth potential for both countries. The strong economic growth in India and Tanzania opens up more possibilities for trade and collaboration.
The news of India remaining Tanzania’s biggest trading partner comes as a testament to the strong and mutually beneficial relationship between the two nations. While India provides a significant market for Tanzanian exports, Tanzania benefits from India’s technological expertise and investment in various sectors.
The bilateral trade relationship between India and Tanzania is a crucial component of their diplomatic ties. As both countries continue to navigate the challenges posed by the pandemic, the commitment to further enhancing trade ties remains unwavering.
India’s focus on supporting Tanzania’s economic growth aligns with its broader approach toward the African continent. With its strategic engagements, India aims to foster shared prosperity and strengthen partnerships across various sectors.
The remarks made by External Affairs Minister S Jaishankar underscore the significance of the India-Tanzania bilateral trade relationship. As the two nations work together to seize new opportunities, the partnership is set to thrive and contribute to the development and progress of both India and Tanzania.
