Introduction
Tanzania accounts for 27% of India’s overall engineering exports to the East African region: High commissioner of India in Tanzania. Bilateral merchandise trade between India and Tanzania almost doubled to USD 4.5 billion in 2021-22: EEPC India Chairman
Indian manufacturers will get an opportunity to explore the entire eastern and central Africa market during INDEE 2022, said BB Swain, Secretary, Ministry of Micro, Small and Medium Enterprises, Government of India about the Tanzania edition of the engineering event.
“I hope that the event will achieve its objectives and will give a further boost to our economy,” he added.
Speaking at the flagship engineering event, Mr. Binaya S Pradhan, High Commissioner of India, Dar es Salaam, Tanzania said that Tanzania transitioned into a lower-middle-income economy in 2020 after experiencing sustained economic growth for the last 20 years.
“Tanzania’s biggest advantage is in its geographical location as the country is strategically located along the Indian Ocean and is easily accessible via maritime routes. It also provides easier trade links between Asia and Africa – therefore deeper trade integration with Tanzania would also ease India’s access to the African countries and be part of the East African value chain,” Mr. Pradhan said.
He noted that Tanzania accounts for 27% of India’s overall engineering exports to the East African region.
The High Commissioner highlighted that India is among the top five investment sources in Tanzania.
“Some of the major Indian companies in Tanzania include Airtel (telecom); Tata Africa Holdings Ltd, Mahindra & Mahindra (tractors); Kamal Group (Steel); Kalpataru (power transmission); Larsen & Toubro, etc. In June 2022, Indian companies signed contracts for water projects in 24 major towns of Tanzania funded by Line of Credit of USD 500 million from EXIM bank,” he said.
In his inaugural speech, EEPC India Chairman Mr. Mahesh Desai said that Tanzania has a substantial share in India’s engineering exports to East Africa.
He further said that bilateral merchandise trade almost doubled to USD 4.5 billion in 2021-22 while engineering trade more than doubled over the previous fiscal to reach USD 1.6 billion in 2021-22.
“India-Tanzania ties have evolved into a modern and pragmatic relationship with sound political understanding, diversified economic engagement, people-to-people contacts in the field of education, healthcare, and development partnership in capacity building, training, concessional credit lines, and grant projects,” Mr. Desai said.
In his address at INDEE Tanzania 2022, he stated that Tanzania has a substantial share in India’s engineering exports to East Africa.
INDEE is India’s largest overseas exhibition on engineering and it is organized by EEPC India. Over a period of 45 years, INDEE has been established as the largest and most important showcase for Indian engineering abroad. 41 INDEES have been organized in 27 countries to date across six continents. This is the 42nd edition of INDEE being organized in association with the Department of Commerce, Government of India; Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA), and Indian High Commission in Tanzania.
A Memorandum of Understanding (MoU) has been signed between EEPC India & Tanzania Chamber of Commerce, Industry represented by Mr. Mahesh Desai, Chairman, EEPC India, and Mr. Paul F. Koyi, President- Board Chairman, The Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) with the objective to expedite and carry forward the businesses and agreements that will emanate from the INDEE 2022 and ensure their smooth take off.
Mr. Rakesh Shah, Former Chairman and Chairman of Publicity, Exhibition and Delegation Committee, EEPC India noted, “India- the fastest growing G-20 economy in FY22 with 9% GDP growth, Second highest producer of crude steel and consumer of finished steel, Third highest most attractive investment destination for technology transactions & Resident patent applications; Eighth highest in Scientific Publications and Scientific & Technical Manpower is the nation World is looking at proudly and with anticipation.”
Rohington Engineer, Chairman of EEPC India Committee on Trade with Central, Eastern, and Southern Africa said that bilateral trade figures reflect the strengthening of business relations between the two nations.
“Bilateral merchandise trade reached USD 4.5 billion in 2021-22 by growing almost double over the previous fiscal and registering 14.7% CAGR in the last five completed fiscals. India’s exports also doubled to USD 2.3 billion in 2021-22 over the previous fiscal,” he said.
Engineer also mentioned that Tanzania sees a high demand for several Indian product groups including petroleum products, pharmaceuticals & chemicals, motor vehicles, electrical goods, articles of iron & steel, sugar, and machinery among others.
