INVC NEWS
New Delhi,
The Fourth Session of the India-Tanzania Joint Trade Committee meeting was held in New Delhi, on 29th September, 2017. The Indian delegation was led by Hon’ble Minister for State for Commerce and Industry (Independent Charge) Ms. Nirmala Sitharaman. The Tanzanian delegation was led by the Hon’ble, Minister for Industry, Trade and Investment Mr. Charles John Mwijage.
The Hon’ble Minister of State(C&I) Ms Nirmala Sitharaman in her opening remarks highlighted that India and Tanzania enjoy close and cordial relations and underscored the unwavering bonds of friendship and solidarity, underpinned by a shared history of struggle against colonialism and the growing strategic partnership, multifaceted co-operation and vibrant people to people contact existing between the two countries.
During the meeting Hon’ble Prime Minister’s state visit to Tanzania on 9-10 July 2016 was recalled. During the visit, discussions were held on all aspects of bilateral cooperation.
It was mentioned that Tanzania is one of the most important countries in Africa in so far as India’s bilateral co-operation in various sectors is concerned. With an investment of US $ 2.2 billion, Tanzania is among the top 5 investment destinations for India. The Indian side conveyed to the Tanzanian side that the potential areas for Tanzania in India include Light oils and petroleum or bituminous minerals, motor cars and vehicles, medicaments etc Similarly, Metals and Minerals, dried cashew nuts in shells from Tanzania are required in India.
The Tanzanian side encouraged co-operation in the field of Fisheries, Industrial Development including Industrial Research and Development and SMEs Development, Information, Communication and Technology, Labour and Employment, Information, Culture, Arts and Sports.
The Indian Duty Free Tariff Preference Scheme of which Tanzania is a beneficiary has boosted considerably Tanzanian export to India in recent years. India and Tanzania agreed to enhance sectoral co-operation based on respective needs and comparative advantage for mutual benefit.
In the sectoral co-operation Gems and Jewellery, energy (Hydro/Thermal/Gas/Diesel/solar power plants), Oil and Natural Gas, Mining, Transport, Agriculture, Water Supply Projects, Human Resource Development, Capacity Building and trade promotion were discussed.
A liberal visa regime facilitates trade and investments. Visa on arrival is available in Tanzania though only for a three-month period. During the discussions, it was mentioned that long-term (at least one year visas) for reputed business companies with multi-entry facility will be helpful to promote investments and business collaboration between the two countries.
The discussion concluded in a warm and cordial atmosphere reflecting the friendly relations between the two countries. The meeting concluded with the signing of the mutually agreed document.
