India and Tanzania today inked an initial pact for forging alliance to explore mineral wealth in the African nation.
“Tanzania has huge mineral resources which are yet to be fully developed. I believe there is a possibility of joint venture for Indian companies with mining entities in Tanzania,” an official release quoted Steel Minister Beni Prasad Verma as saying.
The minister is on a visit to the East African nation.
A letter of intent (LoI) for strengthening cooperation in the area of steel and mining was also signed at Der es Salaam in presence of Verma and Minster of Energy, Tanzania, Sospeter Muhongo, the release said.
Verma said the LoI would serve as a step in the direction of strengthening ties and promoting bilateral relations between the two countries in the mineral sector.
The LoI aims at encouraging investment opportunities in India and Tanzania in the iron and steel related businesses besides facilitating exchange of technical know-how, the release said.