Tanzanian Shillings, Indian Rupees Now To Facilitate Trade Transactions Between The Two Countries -

By
Valentine Oforo

TANZANIA
and India have agreed to increase the use of Tanzanian shillings and Indian
rupees in the trade transactions involving Indian and Tanzanian firms.

According
to Idian Prime Minister, Mr Narendra Modi, the development is projected to help
increase trade volume between the two countries, but also, to cut down
transaction costs.

Minister
Modi revealed the crucial development in the trade relations between Tanzania
and India during a joint press conference after an extensive conservation with President
Samia Suluhu Hassan who is in India for a four –day state visit.

As
per the Indian Foreign Trade Figures (FTF), for 2022/23, the value of trade
between India and Tanzania reached at around USD6.7bn, doubling the figure
recorded in Tanzania data for 2021/22 trade flows.

During
the consecutive meeting, President Samia and Minister Modi agreed to solidify
collaborations in the different sectors, including defense, energy,marine
security as well as trade and investment, among others.

Moreover,
with the longstanding bilateral ties background, the two countries are also looking forward to unearth and unlocking new potentials as well as fostering the existing trade and investment opportunities.

Indian
is the third largest trading partner and the fifth largest source of foreign investments for Tanzania.

So
far, the two countries have inked at least 14 Memorandum of Understanding (MoU)
and one contract, whereby 10 MoU involve public institutions and five are based
on the private sector.

President
Samia has expressed delight for the move by India to support opening of an
offshore campus of the Indian Institute of Technology (IIT), the Madras Campus
in Zanzibar, being the maiden overseas campus in the Tanzania.

The
bilateral ties between Tanzania and India were founded by the foubding
President, Mwalimu Julius Nyerere and India Prime Minister Indira Gandhi during
1960s, while President Samia paid homage to India’s legendary nationalist
leader Mahatma Gandhi, laying a wreath at the Rajghat Memorial in the Capital,
New Delhi.