Building stronger economic bonds: India committed to development of Tanzania & rest of Africa, says EAM Jaishankar
EAM S Jaishankar highlights the robust economic bond between India and Tanzania
India is committed to the development of Tanzania as well as the rest of Africa, External Affairs Minister (EAM) S Jaishankar said on Friday (July 7, 2023) as he highlighted the robust economic ties between the two countries. Speaking at a Business Community Interaction in Dar es Salaam, Tanzania, he said that India was Tanzania’s best trading partner, adding that the Indian government was committed to take this forward.
The event, jointly organized by the Indian Industries Association and the Tanzania Investment Centre, brought together business delegates from India and Tanzania. During his address, EAM Jaishankar referred to the enduring and amicable relationship that India and Tanzania have shared over the years.
“In terms of development partnership, the biggest commitment we have is in the water sector,” he pointed out. India had provided close to a billion dollars of line of credit and these water projects will cover 28 towns, he said, adding that 8 million people in Tanzania will eventually benefit from them.
He went on to note that despite the challenges posed by global disruptions and the Covid-19 pandemic, the bilateral trade between India and Tanzania has witnessed significant growth. According to Indian government figures, the bilateral trade was to the tune of USD 6.4 billion in 2022-23. India was also the biggest destination for Tanzanian exports, EAM Jaishankar added.
He also drew attention to the substantial investments made by Indian businesses in Tanzania across various sectors. Noteworthy domains of Indian investments in Tanzania encompass hospitals, pharmaceuticals, animal vaccines, education, mining, and agro-processing.
EAM Jaishankar holistically highlighted the significance of India's development partnerships not only with Tanzania but also with other African countries. He underlined that India's development partnerships aim to be responsive and customized to address the specific needs and aspirations of Tanzania and other African nations. This approach signifies a commitment to working hand-in-hand with partner countries, taking into account their unique circumstances and development goals.
Drawing attention to India's burgeoning global capabilities across various sectors, including railways, defence, drones, and pharmaceuticals, he emphasized India's growing expertise and proficiency in these domains. Moreover, he underscored that India's potential went beyond what had already been accomplished, expressing the country's readiness to offer, exchange, and engage in further trade with the world.
He noted that India's Make in India program was developing global-level capabilities in a cost-effective and technologically relevant manner, and that India and Tanzania should work towards spreading the risk and having different manufacturing hubs across the world, including in Africa.