Dar es Salaam. The Tanzania Private Sector Foundation (TPSF) and the Confederation of Indian Industry (CII) yesterday signed a Memorandum of Understanding (MoU) in Dar es Salaam which is geared at boosting trade volumes between the two countries.

Tanzania Investment Centre (TIC) data show that India is among the top five sources of investments in Tanzania.

Until 2017, Indian investors had invested a total of $2.2 billion in various sectors of Tanzania’s economy.

In this regard, India was only behind China, the UK, the US and Mauritius.

Until 2017, China, UK, US and Mauritius had invested $5.9 billion, $5.54 billion, $4.7 billion and $4.308 billion in Tanzania respectively.

Gracing the India-Tanzania Business Forum, Industry and Trade minister Innocent Bashungwa said the MoU was meant to boost trade volumes, and also address the trade imbalance between the two countries.

Source: The Citizen

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.