Tanzania has experienced a significant boost in its market base in Iran, with exports to the country increasing by 35% in the 2021/22 fiscal year. The Iranian ambassador to Tanzania, Hussein Behineh, emphasized the growing trade relations between the two nations during his speech at the Dar es Salaam International Trade Fair, showcasing the potential for further expansion and investment.
Enhanced trade relations open new opportunities
During the Dar es Salaam International Trade Fair (DITF), the Iranian ambassador to Tanzania, Hussein Behineh, announced a substantial increase in trade between the two countries. In the 2021/22 fiscal year, Iran’s imports from Tanzania grew by an impressive 35%, amounting to commodities worth USD 95 million. This surge represents a 15% rise in volume compared to the exports between 2018 and 2020.
Tanzania – A gateway to East Africa
Ambassador Behineh highlighted the reasons behind this substantial growth, stating that Iranians have long viewed Tanzania as the gateway to East Africa. The strategic location and business-friendly environment have attracted Iranian businesses, resulting in a significant increase in trade between the two nations, he said. As a result, Tanzania now stands as Iran’s preferred destination for trade and investment in East Africa.
Promising prospects in various sectors
Ambassador Behineh emphasized the potential for further expansion in trade between Iran and Tanzania. He claimed that Iran has the capacity to increase its exports to Tanzania to USD 2 billion. The potential for growth lies in various sectors, including iron and steel, fertilizer, cereals, wheat, medical equipment, chemicals, and oil products. Furthermore, Tanzania’s pharmaceutical sector, which imported USD 459 million worth of pharmaceutical products in 2021, presents an opportunity for Iran to export its pharmaceutical goods, amounting to USD 104 million.
Strengthening of bilateral relations
“Trade involving individuals from the two countries has a long history back to the presence of Shirazes in the East African region, especially Dar es Salaam and the auspicious Island of Zanzibar,” said Behineh. “The Embassy of the Islamic Republic of Iran in Tanzania is ready to develop and strengthen relations between the two countries by connecting business communities from the countries,” he added.
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