Tanzania and Pakistan have recently expressed their interest in strengthening commercial ties and cooperation to tap a trade potential of USD 1 billion through investments in key sectors such as agriculture, mining and oil, and gas.
This deal is an attempt to strengthen the economic ties between Tanzania and Pakistan. The current trade volume between Tanzania and Pakistan is USD 100 million and this initiative will help increase and expand it further. Economic growth is only possible if there is political stability as well as strong political relationships between the countries. In order to facilitate this, the two countries are in talks to support the opening of high commissions in both countries and increase bilateral trade relations.
The major industries that the two countries plan to tap in are agriculture, energy and mineral sectors. These will assist in increasing the trade volume of up to USD 1 billion per year. Since the founding of diplomatic relations between the Pakistan and Tanzania back in 1967, a strong establishment in different fields of collaboration has been initiated with the training of Tanzanian diplomats, railway technicians, bankers, and military personnel.
In 2013, the bond was further strengthened when presidents of both countries signed three key agreements on visa exemption for diplomatic and state officials, intelligence sharing and cultural and defense cooperation.The year 2016 is marked as the trade enhancement year between Pakistan and Tanzania as a business delegation from Pakistan visited Tanzania to commence B2B meetings with key local business communities and factories in an attempt to expand trade.
With an expansion in trade, stability in the economy and strong relationship between Pakistan and Tanzania, we hope that the travel and tourism industry of both countries will also benefit just like Pakistan and Malaysia are jointly promoting tourism industry. We hope and expect the best for both countries.
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