Over 100 Indian investors and business leaders attended a Working Business Meet in Dar es Salaam on January 31st, convened by the Indian High Commission to Tanzania to explore ways to enhance business and investment opportunities between Tanzania and India.

According to a report from the High Commission of India, the event took place at the New Africa Hotel in Dar es Salaam. 

With a long history of diplomatic ties and shared aspirations for economic prosperity, India and Tanzania have significant potential to deepen trade relations and foster mutually beneficial investments.

The event served as a platform for Indian investors, business representatives, and stakeholders to network and discuss opportunities in Tanzania. It also provided a chance to engage with the Indian High Commissioner and other members of the High Commission to promote bilateral trade and investment.

The Working Business Meet facilitated discussions on emerging business opportunities, market trends, and potential avenues for collaboration. It also offered Indian investors an institutional platform to assess prospects within Tanzania’s growing economy while enabling Tanzanian enterprises to connect with Indian counterparts.

Such structured engagements are crucial for advancing bilateral economic cooperation, fostering sustainable growth, and reinforcing the strategic partnership between the two nations.

India is currently Tanzania’s second-largest trading partner, with bilateral trade reaching USD 7.91 billion in 2023-24, up from USD 6.48 billion in 2022-23. 

Tanzania is also India’s second-largest trading partner in Africa. Indian investments in Tanzania amount to over USD 4.08 billion across 750 companies employing 65,593 Tanzanians. 

Tanzanian investments in India total USD 3.58 million.

To sustain this momentum, both nations recognize the need to further promote trade and investment for mutual growth and prosperity. The Government of Tanzania is working to create a business-friendly environment by offering strategic advantages, including access to regional markets and rich natural resources.

Challenges remain, and the event provided a platform for Indian investors to share their experiences of doing business in Tanzania. 

Bilateral relations have reached new heights following the state visit of Tanzanian President Samia Suluhu Hassan to India in October 2023, which elevated relations to a strategic partnership and yielded numerous positive outcomes.