Over 50 firms from Tehran attends the Iran – Tanzania Joint Economic Committee meeting in Dar-es-Salaam

The head of Iran’s Trade Center in Ivory Coast was quoted by the Islamic Republic of Iran Broadcasting saying the fifth Iran-Tanzania Joint Economic Committee meeting takes place in Dar-es-salaam from October 18 to 21.

Mehdi Hosseini, the event will be co-chaired by the Iranian Agriculture Minister and the Tanzanian Minister of Industry and Trade, Kitila Mkumbo, as the heads of the joint economic committee of the two countries.

The Tehran Times reports that over 50 companies and enterprises from Iran have expressed readiness to participate in the mentioned gathering, Hosseini said.

In mid-March 2024 Iranian and Tanzanian tax officials signed the draft of an agreement to eliminate double taxation on income taxes and prevent tax evasion with the presence of the ambassador of the Islamic Republic of Iran in Tanzania.

As reported, the draft was signed by Hossein Abdollahi, director general of the Legal Office and Tax Contracts of the Islamic Republic of Iran, and William Moja, the acting commissioner of the policy analysis department of the Ministry of Finance of Tanzania.

According to Abdollahi, the two sides have so far held three rounds of negotiations to prepare the mentioned agreement for signing.

This agreement has various goals such as the elimination of double taxation in the two countries, the attraction of direct investment, further development of economic relations and expansion of tax cooperation between the two countries, exchange of information to promote transparency in the tax behavior of the parties, assistance in tax collection, and the provision of facilities, the official explained.

The final signing and approval of this agreement will be done in the legislative assemblies of the two countries in the near future.

Tanzania is considered to be one of the most potential countries in East Africa and Iran is taking new measures to expand economic ties with this country.

In late November 2022, Iran’s Trade Promotion Organization (TPO) held the first exclusive exhibition of Iranian products and services in Tanzania in collaboration with the Iranian Trade Center in the African country to showcase the Islamic Republic’s trade and export capacities.

Ra’ed Mousavi, the head of the Iranian Trade Center in Tanzania, said this exhibition was the most appropriate platform to increase the knowledge of East African countries, especially Tanzania, about the products, services, and technological advancements of Iranian companies.

Mousavi added that companies active in various fields including the agricultural sector, mines and industrial machinery, construction, as well as medicine and medical equipment participate in the first exclusive exhibition of the export capabilities of the Islamic Republic of Iran in Tanzania.

In mid-July 2023, Iran’s late President Ebrahim Raisi also took a visit to three African countries of Kenya, Uganda, and Zimbabwe.

Economic experts believe that the president’s visit to Africa provided the basis for increasing Iran’s presence in the 60-billion-dollar economy of the African continent and will increase the level of activity of Iranian traders and businessmen in this continent.

Over the past 40 years, the Islamic Republic of Iran has never given up on its principled policy towards Africa due to political and cultural commonalities, despite the sanctions, pressure, and disruptions of the West, and has always maintained itself alongside the people and countries of Africa.

During the Iranian calendar years 1384 and 1385 (March 2005-March 2007), the relations between Iran and the African continent increased in terms of trade, but since 1386, the economic relations between Iran and Africa have decreased due to the economic crisis and cruel sanctions against Iran.

Surveys show that in the past years, due to the lack of restoration of economic relations with Africa, the amount of trade with the countries of this continent has remained at the level of USD 1.2 billion.

But Mohammed-Sadeq Ghanadzadeh, the director general of the Africa Department of Iran’s Trade Promotion Organization (TPO), said facilitating the trade route with Africa is happening now and it is expected that the trade figure with this continent will reach USD 10 billion in the next three years.

“In fact, good steps have been taken to use Africa’s capacity, and Africa can be a suitable market for Iranian goods,” Ghanadzadeh stated.