By Kenan Kalagho, 19 March 2012
Dar es Salaam — India is looking into the possibility of investing more in Tanzania to create more jobs for nationals.
The Acting Indian High Commissioner to Tanzania Mrs. Hemalata Bhagirath said her country is considering investing in industrial production to make Tanzania, the biggest investment destination for substantial Indian products.
She said India wants to establish an industrial hub to manufacture the tractors in order to realize the kilimo kwanza initiative that was launched by the government in 2005.
"This move will aim to benefit Tanzania and enable it become a major exporter of agricultural products in the East African region and the world at large, Bhagirath said while visiting the Suma JKT, a Kilimo Kwanza agro business project in Dar es Salaam last week. The project is being co-financed by the Indian government and Tanzania.
The Indian government has so far provided loans to Tanzania on the agriculture Kilimo Kwanza initiative in form of tractors to farmers amounting to around $40 million under the Suma Jeshi la Kujenga Taifa (JKT) project in Dar es salaam.
Tanzania's trade balance with India stood at US$895.01 million by the end of last year and within the same year the exports to Tanzania from India stood at US$226.19 million where as bilateral trade stood at US$1,121.2 million with India's export of US$895.01 million compared to import of US$226.19 million in 2011.
The Executive Director of Suma JKT, Col. Ayoub Mwakang'ata, said there was a great improvement in the sales of the tractors, after they the price dropped from the previous US$16,666 to US$10,256.
Col. Mwakang'ata appreciated the Indian support for the project saying I will help alleviate poverty.
Tanzania's major imports from India includes, mineral fuels, oils, iron & steel, pharmaceuticals, motor vehicles (including auto parts), iron & steel, electrical machinery/equipment, machinery/ appliances, plastic products including synthetic polymers, rubber items including tires, cotton fabrics, apparel & clothing, cereals.
The Acting Indian High Commissioner to Tanzania Mrs. Hemalata Bhagirath said her country is considering investing in industrial production to make Tanzania, the biggest investment destination for substantial Indian products.
She said India wants to establish an industrial hub to manufacture the tractors in order to realize the kilimo kwanza initiative that was launched by the government in 2005.
"This move will aim to benefit Tanzania and enable it become a major exporter of agricultural products in the East African region and the world at large, Bhagirath said while visiting the Suma JKT, a Kilimo Kwanza agro business project in Dar es Salaam last week. The project is being co-financed by the Indian government and Tanzania.
The Indian government has so far provided loans to Tanzania on the agriculture Kilimo Kwanza initiative in form of tractors to farmers amounting to around $40 million under the Suma Jeshi la Kujenga Taifa (JKT) project in Dar es salaam.
Tanzania's trade balance with India stood at US$895.01 million by the end of last year and within the same year the exports to Tanzania from India stood at US$226.19 million where as bilateral trade stood at US$1,121.2 million with India's export of US$895.01 million compared to import of US$226.19 million in 2011.
The Executive Director of Suma JKT, Col. Ayoub Mwakang'ata, said there was a great improvement in the sales of the tractors, after they the price dropped from the previous US$16,666 to US$10,256.
Col. Mwakang'ata appreciated the Indian support for the project saying I will help alleviate poverty.
Tanzania's major imports from India includes, mineral fuels, oils, iron & steel, pharmaceuticals, motor vehicles (including auto parts), iron & steel, electrical machinery/equipment, machinery/ appliances, plastic products including synthetic polymers, rubber items including tires, cotton fabrics, apparel & clothing, cereals.
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