THE Indian High Commissioner in Tanzania, Mr Sanjiv Kohli has encouraged traders to use the friendly relations between the two countries to consolidate businesses on chemicals and allied products that will foster economic growth.
“India is one of the trading partners with Tanzania as well as an important source of Chemicals and allied chemical products.
We are committed to promote international trade between the two countries,” he said during the Tanzania- India Buyer Seller Meet (BSM), held in Dar es Salaam over the weekend.
The objective of the meeting organised by CHEMEXCIL in association with High Commission of India in Tanzania for the promotion of international trade between India and Tanzania was to promote India’s capabilities as a supplier to steady and sustainable quality products to Tanzania.
He added that it was an ideal platform for meeting potential buyers, dealers and end users of chemicals, adding that the event would provide the unique opportunity to major buyers of Tanzania to interact with Indian manufacturer for sourcing their product requirements from India as well as establishing joint ventures.
The Regional Manager for Basic Chemicals, Cosmetics and Dyes Export Promotion (CHEMEXCIL), Mr Soumen Guha said the value of Tanzania imports of chemicals and allied products from India rose to 69.54 million US dollars during 2018/19 compared to 63.57 million US dollars of the corresponding period in the previous year, which is equivalent to 9.39 per cent increase.
He said Tanzania imported 1704.04 million US dollars’ worth of goods in the 2018/19 financial year. According to the Regional Manager, India is the sixth largest producer of chemicals globally, and ranks third globally in the production of agrochemicals.
“In the year 2018/19, Tanzania imported Dye and Dye Intermediates valued 7.26 million US dollars, a growth of 22.84 per cent while Inorganic, Organic and Agro Chemicals was 50.13 million US dollars, equivalent to 6.8 per cent and cosmetics and toiletries was 12.05 million US dollars, which is 14.22 per cent increase,” he said.
He further told the meeting participants that, the Indian Chemicals industry is projected to reach a size of 346 billion US dollars by 2025.
Make in India is expected to catalyse growth by ensuring duty rationalization for feedstock, as well as improving infrastructure and skill development.
It was further noted that the total export performance of CHEMEXCIL’s items for the period of April to March, 2019 was 19.10 billion US dollars as against 15.91 billion US dollars of the corresponding periods of last year, registering a growth of 20 per cent.
