Iran-Tanzania Trade Flourishes: Imports from Tanzania Increase by 35%.

Iran-Tanzania Trade Flourishes: Imports from Tanzania Increase by 35%.

According to the Iranian envoy, trade between Iran and Tanzania has witnessed significant growth. In the fiscal year 2021/22, Tanzania’s imports from Iran increased by 35 per cent compared to the 2019/20 financial year, amounting to goods worth $35 million (Sh82.25 billion). Conversely, Iran’s exports to Tanzania during the same period reached $95 million (Sh223.25 billion), representing a 15 per cent increase compared to exports from 2018 to 2020.

The Iranian Ambassador to Tanzania, Hussein Behineh, revealed these figures during the Dar es Salaam International Trade Fair (DITF), which had the theme “Tanzania is your best destination for business and investment.” Behineh emphasized that Iran views Tanzania as the gateway to East Africa, contributing to the significant boost in trade volume between the two countries.

Behineh highlighted the potential for further expansion, noting that Iran could potentially increase its exports to $2 billion (Sh4.7 trillion) in various sectors such as oil products, fertilizers, iron and steel, medical equipment, chemicals, cereals, and flour, among others. He specifically mentioned the pharmaceutical industry, where Tanzania imported $459 million (Sh1.079 trillion) worth of pharmaceutical products in 2021, with Iran exporting $104 million (Sh244.4 billion) in the same category. Iran aims to enhance trade in pharmaceuticals and other sectors further.

The envoy expressed readiness to strengthen bilateral relations and facilitate business connections between the two countries. He also mentioned the long-standing history of trade between Iran and Tanzania, dating back to the presence of Shirazes in the region, particularly in Dar es Salaam and Zanzibar.

These developments coincide with the 41st anniversary of diplomatic relations between Iran and Tanzania, marking a milestone in the ongoing efforts to deepen economic ties.