Government of India and the Government of Tanzania signed a Letter of Intent(LoI) on 6 April 2013 at De res Salaam during the visit of Union Steel Minister Beni Prasad Verma to the latter. The LoI aims to promote and expand bilateral relations between the two countries in the mineral sector with focus on strengthening supply chain for growth of the steel industry in both the countries. The LoI aims to encourage investment opportunities in India and Tanzania in the iron & steel related businesses, facilitates exchange of technical know-how in developing iron and steel production and other steel related raw materials, including pelletisation plants and other associated industries. LoI aims that both the Governments jointly work for developing the steel industry and exchange technically qualified manpower for sustainable growth of iron & steel industry.
The LoI will not only strengthen relations between India and Tanzania. It will also give added thrust to the possibility of exploration and development of mineral assets in the country.