The Confederation of Indian Industry (CII) organized an exclusive breakfast session with a group of CEOs of leading Indian companies here on Thursday on the occasion of the visit of Jakaya Mrisho Kikwete, President of the United Republic of Tanzania.
The ministers of industry and trade; water and irrigation; foreign affairs and international cooperation apart from high commissioners of India and Tanzania and other senior government officials from Tanzania were also present.
During his address, President Kikwete emphasized his country's historic friendship and closeness with India.
Speaking about trade and investment between both countries, he mentioned that even though the current scenario is good there is a need and scope to enhance our commercial ties immensely.
He said "India is number six in the top ten investors in Tanzania, but can easily become number one".
President Kikwete mentioned that Tanzania offers sound economic policies, political stability, a friendly business environment, a good fiscal regime and excellent geographical location sharing borders with eight neighboring counties.
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This is further enhanced by the recently signed agreement between three regional economic communities of Africa, that is, Common Market for East and Southern Africa (COMESA), East African Community (EAC) and South African Development Community (SADC) to form a very large Free Trade Area (FTA) from Alexandria to Cape Town.
Under this the arrangement, the foreign investors will have access to a market of around 600 million with GDP of more than USD 1 trillion.
"Apart from these, India and Tanzania also have preferential arrangements such as the 'Double Taxation Avoidance agreement'," he added.
Addressing on the business opportunities in Tanzania, President Kikwete urged Indian companies to explore, expand and invest in sectors like agriculture, manufacturing, infrastructure, healthcare,
tourism, ICT, mining and oil and gas.
He also spoke about opportunities to invest in logistic hubs - especially from the Port of Dar es Salaam.
The interactive session, which was chaired by Madhu Kannan, Member CII International Council and Group Head - Business Development, Tata Sons, said Tanzania already has a host of Indian companies that are exploring new areas to enhance their engagement.
The interactive session was attended by leaders from Bharti Airtel, Apollo Hospitals Group, Shapoorji Pallonji Group, NMDC Ltd, Mahindra and Mahindra Ltd, Jain Irrigation, International Tractors Ltd, TCIL amongst others.