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Indian prominent companies invited to invest in Zanzibar

ISLES Minister of State, President’s Office, Labour, Economy and Investment, Sharif Ali Sharif, has invited Indian prominent companies in automobile and heavy machineries sector to invest in Zanzibar.

He made the call last week during a Business to Business (B2B) meeting between a business delegation from Confederation of Indian Industries (CII) and the Zanzibar National Chamber of Commerce (ZNCC) held at Madinat al Bahr Hotel here.

 He said the companies like Tata Group, Ashok Leyland, Eicher, Mahindra & Mahindra, Sonalika, Bajaj and TVS that have their presence in mainland, can open their branch offices in the islands to help accelerate the Isles economy and provide employment opportunities for the locals.

ZNCC Chairperson, Ali Amour, urged closer cooperation between CII and ZNCC especially in strengthening the trade sector between India and Zanzibar.

During the highly successful meeting, the Indian delegation comprised representatives from  various prominent companies such M/s Mohan Mutha Group (Real Estate and Infrastructure), M/s Aravali Fence Ltd (Border Fencing and High end Security in Oil & Gas), M/s Elite Foods Pvt. Ltd (Agro-exports and Food Packaging), M/s Transrail (Power Transmission Line and Solar Panels and M/s Thyrocare (Lab Diagnostics).

The meeting was also attended by the Deputy Minister for Infrastructure, Transport and Communications, Nadir Albdulatif, Principal Secretary in the Ministry of Labour, Economy and Investment, representatives from Zanzibar Investment Promotion Authority (ZIPA), Zanzibar Utilities Regulatory Authorities (ZURA) and Zanzibar Petroleum Regulatory Authority (ZPRA).

The visiting CII delegation had brief interaction with officials from the Ministry of Health and Ministry of Water, Energy and Minerals after which it paid a visit at Mangapawni Port and its SEZ facilities.

The Indian delegation visited Dar-es-Salaam and Nairobi to organize similar forum to explore more cooperation between Indian companies with their counterparts in Kenya and Tanzania.

Trade between India and Tanzania is expected to exceed $7 billion this fiscal year.

The bilateral trade between both countries for the financial year 2023/24 reached $5.7 billion by December 2023.

In the previous fiscal year (2022/23), commerce between these two nations reached a new high of $6.4 billion.

Over the years, India has been a significant investor in Tanzania’s economy.

The Asian nation also is one of the top five investors in this regard, having invested over $3.39 billion.

Additionally, an estimated $1.2 billion (Sh3 trillion) worth of Indian-assisted development projects are being carried out in Tanzania.

Semi-manufactured gold, dried leguminous vegetables, shelled coconuts, and cashew nuts are among the most popular goods India imports from Tanzania.

On the flip side, scooters, motorcycles, electrical transformers, static converters, and inductors, cycles with auxiliary motors, as well as petroleum and oil derived from bituminous materials, turbo-jets, turbo-propellers, and other types of gas turbines, are among the most popular products Tanzania imports from India.

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