India-Tanzania explore trading in national currencies

India and its economic partner in Africa – Tanzania have explored the possibilities of opening an Indian SEZ in Tanzania and bilateral trade in Indian Rupees and Tanzanian Shillings.

These ideas were explored when Secretary (ER) in the Ministry of External Affairs Dammu Ravi visited Tanzania on 06-07 October. During the visit, he called on Joseph Edward Sokoine, Permanent Secretary, Ministry of Foreign Affairs and East African Cooperation and Emmanuel M. Tutuba, Permanent Secretary, Ministry of Finance and Planning.

India-Tanzania bilateral relations were discussed extensively during his meeting with Sokoin. In the meeting with his Finance Ministry counterpart, Secretary (ER) discussed a range of issues including development cooperation, alternative ways of funding projects, exploring possibilities of opening an Indian SEZ in Tanzania and bilateral trade in Indian Rupee and Tanzanian Tshilling. According to a statement from the Ministry of Foreign Affairs, the Tanzanian side welcomed the ideas and both sides agreed to work on them.

The Secretary (ER) also addressed a business event at the Indian High Commission where he interacted with around 85 entrepreneurs and CEOs of Indian and Tanzanian companies. Prominent members of Indian origin also participated in this program.

During his visit to Zanzibar on 07 October 2022, Secretary (ER) called on the President of Zanzibar, Hussein Ali Mwini. The President of Zanzibar welcomed Indian development cooperation in Zanzibar and invited Indian investments in the island in various sectors including IT, blue economy and healthcare. The Secretary (ER) also visited a project site under construction to supply water to Zanzibar households. Three Indian companies are currently implementing water supply projects in Zanzibar under the Line of Credit of the Government of India.

Tanzania is one of India’s major development aid partners in Africa, with a line of credit of over US$1.1 billion and 700 annual scholarships for short-term and long-term courses. Bilateral trade for 2021-22 is US$ 4.5 billion and Indian investment in Tanzania is US$ 3.6 billion.

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