Dar to Delhi trade hits 1.2tri/-

The value of Tanzania’s exports to India tripled to Sh1.2 trillion ($750 million) during the 2012/2013 financial year compared to the preceding year as trade ties between the two nations keep growing.

East Africa’s largest nation exported goods worth Sh371.20 billion ($232 million) to the Asian nation in 2011/2012, according to the Indian High Commissioner to Tanzania Debnath Shaw. India is ranked as the world’s tenth-largest economy in terms of nominal Gross Domestic Product (GDP).

Mr Shaw said in 2011/2012, exports from India to Tanzania stood at Sh2.56 trillion ($1.6 billion) and grew at 33 per cent to Sh3.440 trillion ($2.15 billion) in 2012/2013, he said while opening a Capacity Building Programme on International Business.

The five day programme is organised by the University of Dar es Salaam, School of Business Studies (UDBS) and facilitated by Indian Institute of Foreign Trade.

“When I compare these figures with Tanzania’s trade with other countries; I find that India was Tanzania’s top trading partner in the period,” said Mr Shaw.

According to Mr Shaw, trade in goods and services have been growing across investments, making Tanzania investments in India grow. The inflows to India were in stock and bonds markets and banks and properties by Indian Diaspora.

Indian investments in Tanzania have been fairly impressive, with a cumulative total until end of 2012 of more than Sh3.2 trillion ($2 billion).

Speaking at the opening ceremony, UDBS dean Wineaster Anderson said her school decided to organise the training in order to empower Tanzanians to excel in international trade and business.

About 40 participants are attending the five-day training and they are from banking and financial sector, ministries, universities especially students undertaking post graduate studies in international trade and business and also entrepreneurs.

“It is important to impact Tanzanians with international trade and business skills to help improve the country’s trade performance,” said Dr Anderson.
Source: The Citizen, reported by Felix Lazaro from Dar es Salaam, Tanzania
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