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India Tanzania Investment Forum

India Tanzania Investment Forum:

India welcomed the President of Tanzania at the India Tanzania Investment Forum in New Delhi.

  • India and Tanzania have upgraded their bilateral relations to the level of a strategic partnership.
  • Both nations inked six agreements to strengthen cooperation across various vital domains.
  • It encompasses cooperation in the digital domain, culture, sports, maritime industries, and white shipping information sharing.
  • These agreements lay the foundation for fostering technological and cultural exchange between the two nations.
  • Both nations are promoting trade between the Indian Rupee and Tanzanian Shilling by enabling authorized banks in India to open Special Rupee Vostro Accounts of correspondent banks in Tanzania.
  • Efforts to address concerns and ensure the sustainability of this currency trade mechanism are underway.
  • The newly established five-year defense roadmap sets the stage for expanded cooperation in military training, maritime collaboration, capacity building, and the defense industry.
  • Both nations expressed their intent to enhance cooperation in maritime security in the Indian Ocean region.
  • The success of the first-ever India-Tanzania joint Exclusive Economic Zone (EEZ) surveillance exercise in July, 2023 was a positive step in this direction.
  • Tanzanian President Samia Suluhu Hassan received an honorary doctorate from Jawaharlal Nehru University in Delhi.
  • The Government of Tanzania also announced that they would be joining the International Big Cat Alliance and the Global Biofuel Alliance.