A DELEGATION of Indian business people from the state of Gujarat is in the country seeking trade and investment opportunities.

The delegation of over 20 chief executive officers, managing directors, proprietors of companies and Federation of Gujarat Industries (FGI) is in the country mainly to boost bilateral trade between East African Community (EAC) and their country.

Among the representatives was Amit Patel, President of FGI, who spoke on the need for EAC countries, including Tanzania, to provide incentives for research and development so that Delhi’s Silicon Valley eggheads should come and invest in the bloc.

Looking at India’s industrial prowess and especially its information communication and technology, transport and pharmaceutical sectors are already leading exporters of their merchandise to Tanzania and the EAC bloc.

Providing incentives to such big investments, which are an important factor in developing a modern middle income economy, is highly commendable and as bilateral trade between our two countries grows, knowledge should very much be part of it.

As Indian High Commissioner to Tanzania Debnath Shaw said in Dar es Salaam yesterday, the two countries trade volume is set to peak 5bn US dollars within the next five years.

Mr Shaw said in the past 48 months, bilateral trade between Dar es Salaam and New Delhi has more than doubled thanks to cordial relations and industrious private sectors of the two countries.

Bilateral trade growth which has been in favour of Dar es Salaam for the past 48 months with growth of 72 per cent and over one billion US dollars earning, it is clear that the future of the two countries and indeed the EAC bloc is bright.

India, which is only fourth to China, European Union and the United States as a major trading partner of Tanzania and the EAC, is reportedly having investments of over two billion US dollars as of last year, making it one of the top five big investors in the country.

As Tanzania Chamber of Commerce Industries and Agriculture (TCCIA) Dar es Salaam Regional Chairman, Mr Francis Lukwaro observed, the future of the two partners lies in bilateral trade involving the public and private sectors.

As the Asian country’s economic prowess soars, making it also as the fourth largest trading partner to Africa, its targeted growth of 7.5 per cent tallies well with Tanzania’s over 7.6 per cent projected growth.

And with Delhi’s recent pledge to provide Africa with 6bn US dollars in soft loans this year to improve the continent’s business infrastructure, it’s is upon the private sector and regulators to take this opportunity and exploit market of the world’s largest democracy.

Global Investors Consultation Centre (GICC) Chief Executive Officer Shainul Bhanji put it rightly that currently, the country’s investment climate has been improved very much as per improved rankings on World Bank’s Doing Business Report of last year which placed Dar at position 131 from 142 in 2011.

Ms Bhanji noted that issues such as cargo clearance and Dar es Salaam port have been improved, tax payment streamlined while business registration can now be done online within hours. Under such developments, it’s is clear that the Gujarat business delegation and other Indian businesspeople will find the country an attractive destination.

Areas of investment are vast starting with energy sector where oil and gas exploration are leading, to infrastructure investments such as ports, railways and roads.

New Delhi has the financial resources and technological know how, Dar es Salaam has the vast resources. It’s through such interactions that bilateral trade, diplomatic relations and mutual coexistence of the two countries’ people will make more meaning and help address the problem of poverty in both countries.

Source: Daily News

Disclaimer: The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of TradeMark Africa.