Tanzania has set a target of receiving $3 billion in Foreign Direct Investment (FDI) from India by 2025, Tanzanian President, Samia Suluhu Hassan said on October 10.
“Zanzibar in Tanzania has set up a special desk for Indian people and businesses with a target to achieve $3 billion in Foreign Direct Investment from India by the end of 2025,” she said while addressing the India-Tanzania Business Investment Forum in New Delhi.
The Tanzanian President is on a four-day visit to India with an aim to bolster bilateral relations.
“The two countries have also signed a total of six MoUs in fields such as communications, maritime security and sports among others, which will “further improve trade between two countries,” Hassan said.
Piyush Goyal, Minister of Commerce, said that the two countries now share important engagements with each other and are working from investments to startups from the healthcare sector to business and trade.
“There is huge potential and our business persons will truly make both countries proud with their commitment to make this relationship grow and expand while providing greater opportunities for jobs and entrepreneurship in both countries,” he added.
According to Goyal, India will partner with Tanzania in different sectors like education, skill development, capacity building, culture, energy, climate action and trade settlement in local currencies and in technology. He also added that India has offered lines of credit to ensure infrastructure development and the creation of utilities in Tanzania.
Tanzania is the biggest export destination of India in Africa with a bilateral trade of $6.4 billion. India’s exports amount to $3.9 billion along with imports worth $2.4 billion in 2022-23. India is the fifth largest investor in Tanzania with about $3.7 billion in investments in the country.