India High Commissioner to Tanzania, Binaya Pradhan said this in Dar es Salaam over the weekend when speaking at the Multisectoral Business Symposium involving businesspersons from India and Tanzania.
The forum, which brought on board officials from the Business Registrations and Licensing Agency (BLELA) and Tanzania Investment Centre (TIC), was aimed at promoting products, enhance bilateral trade and economic relations between the two countries.
He noted that India is among the largest trading partners in Tanzania with imports and exports growing.
“Last year we have seen growth where imports from India was $2.3billion generated from pharmaceutical goods and textile products while Tanzania exports to India worth $2.2billion generated from gold, coffee, cashew nuts, pulses, soybeans and recently they have added avocado fruit,” he said.
According to him, Pharmaceutical goods were$257.2million, and textile products were $134.0 million.
He said right now people from India are interested to invest in Tanzania, especially in the Port area, mining sector, building the pharmaceutical plant, and agro-processing sector to strengthen business links between the two countries.
He further said India and Tanzania are determined to work closely towards finding the best ways to unlock new potentials and reinforce the existing trade and investment opportunities that exist between our two countries.
Federation of Indian Export Organizations (FIEO)’s deputy director and delegation lead, Sunil Dutt said: “We are here to explore business opportunities, promote what we have, and share experience in business with other exhibitors from Tanzania and other foreign countries.”
Tanzania’s industries foresee healthy growth driven mainly by government investment in infrastructure, apart from the rise in the scale of activities this year, the scope of development is also seen to expand.
“With this objective, we have come with Indian companies representing these sectors so that Tanzanian buyers can consider sourcing quality Indian products,” he said.
India is the leading trading partner of Tanzania, the bilateral trade between India and Tanzania has grown strongly over the years reaching USD $3.23billion in2021/2022 with India’s exports of $1.47billion.
He said it is evident that trade and investment between the two countries are moving upward, however, there exists a vast scope of further expansion and this can be achieved by having more engagement and closer interactions between the two countries.
He said FIEO is an apex trade promotion body set up by the Ministry of Commerce and Industry, Government of India in 1965 to promote India’s international trade.
Currently, FIEO represents small, medium, and large-scale exporting units spread on an India basis and today boasts of a direct membership of over 35000 companies and they represent every products and services sector of India.
BRELA’s director of commerce and business, Meinrad Rweyemamu called on the Indian delegation to share technology transfers with Tanzanians to help Tanzania have better products.
“We invite you to invest in Tanzania, BRELA is here to support you, so come and register your businesses or companies, we will protect your trademark and patents while in Tanzania,” he said.
He said BRELA is mandated to support and facilitate the business environment and protect industrial properties in terms of Trademarks and patents as well as regulation of fair conduct of business.
He elaborated that registration of a business name takes two days, Industrial license-three days, and TradeMark registration takes 90 days.
“We invite you to come and register your business or your foreign brand, currently BRELA has been able to set up various reforms so as to promote the industrialization drive,” he said.