The Bank of India is in the process of setting up a branch in Arusha, the Northern Zone City which is also the portal into Tanzania’s tourism industry.
Speaking during the occasion to mark 77 years of his country’s independence, the High Commissioner of India in Dar-es-salaam, Binaya Srikanta Pardhan said the bank’s entry into Arusha solidifies growing business activities between Dar and Mumbai.
The Bank of India will be the third financial institution from the country to set base in Arusha, the others being the Bank of Baroda and Exim Bank both located along Goliondoi Road.
High Commissioner Pardhan revealed that the trade between Mumbai and Dar-Es-salaam has reached USD 6.4 billion as of 2023.
That is a significant increase compared to USD 3.5 Billion worth of trade between the two countries recorded in the previous year.
Tanzania on the other hand is being described as the focus point of India’s relations with the African Continent.
India High Commissioner to Tanzania, Binaya Srikanta Pardhan added that Indian assisted development projects being undertaken in the country valued at USD 1.2 billion.
The envoy was speaking in Arusha during the occasion to mark the 77th anniversary of India’s Independence, an occasion which went in sync with the inauguration of Hindi Cultural Center in the Northern City.
“The Indian Communities in Tanzania are the leading investors in the country,” he pointed out adding that, there are more Indians back home who have expressed interest to come and set up more enterprises in the country.
Tanzania exports to India products like Gold, unwrought or in semi-manufactured forms, or in powder form Dried leguminous vegetables, shelled Coconuts, Brazil nuts and cashew nuts, Wood sawn or chipped lengthwise, sliced or peeled Unwrought Lead.
On the other hand Indian made motorcycles going under Boxer Trademark and manufactured by Bajaj are most popular in Tanzania alongside their scooter and three-wheeled variants.
But Tanzania also imports from India things like Petroleum and oil obtained from bituminous minerals, Medicaments, Turbo-Jets, turbo-propellers and other gas turbines, Electrical transformers, static converters and inductors and cycles fitted with an auxiliary motor.
The commissioner, who also launched the Hindi Cultural Center for Arusha, said many Indians run various enterprises that have been absorbing many residents into employment.
Dotto Biteko, the Minister of Minerals who was the guest of honor, used the occasion to invite people from India to invest in the mining sector of Tanzania saying those who are already in the industry are already doing very well.
According to Biteko, so far there are 50,000 Tanzanians of India origin while the country is also hosting 20,000 other Indian nations or those holding Indian passports living in Tanzania.
“Out of those, there are 2000 Indians living, working or doing business in Arusha,” he added.
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