India, Tanzania explore trade in national currencies
India is exploring the possibilities of opening a Special Economic Zone (SEZ) in Tanzania – its economic partner in Africa – and bilateral trade in Indian Rupees and Tanzanian Tshilling.
These ideas were discussed during Secretary (ER) of Indian Ministry of External Affairs (MEA) Dammu Ravi's visit in Tanzania on 6-7 October.
During the visit, Ravi met with Joseph Edward Sokoine, permanent secretary, Ministry of Foreign Affairs and East African Cooperation and Emmanuel M Tutuba, permanent secretary, Ministry of Finance and Planning of Africa, reports Economic Times.
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In a meeting with Sokoine, comprehensive discussions were held on the India-Tanzania bilateral relations. The Indian secretary (ER) discussed a range of issues including development cooperation, alternative ways of financing of projects, exploring possibilities of opening an Indian SEZ in Tanzania and bilateral trade in Indian Rupees and Tanzanian Tshilling. The Tanzanian side welcomed the ideas and both sides agreed to work on these, according to a statement by MEA.
Ravi also addressed a business event at the High Commission of India where he interacted with about 85 entrepreneurs and CEOs of Indian and Tanzanian companies. Prominent members of the Indian diaspora also attended the event.
During his visit to Zanzibar on 7 October, Dammu Ravi called on Hussein Ali Mwinyi, president of Zanzibar. The president welcomed the Indian development cooperation in Zanzibar and invited Indian investment in various sectors including IT, blue economy and healthcare in the island.
Ravi also visited a project site under construction for supply of water to households of Zanzibar. Three Indian companies are presently implementing water supply projects in Zanzibar under Government of India Lines of Credit.
Tanzania is one of India's major development assistance partners in Africa with over $1.1 billion Lines of Credit and 700 annual scholarships for short-term and long-term courses. Bilateral trade stands at $4.5 billion for 2021-22 and Indian investment in Tanzania is $3.6 billion.
