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Tanzania-Russia agree on economic co-operation

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reginald-mengi_416x416By Justin Damian

Tanzania has officially opened the door for economic cooperation with Russia following a Memorandum of Understanding (MoU) signed between the two countries at the weekend following a two-day successful Russian-Africa Forum held in Dar-es Salaam.

Under the MoU, the two states will cooperate on various areas such transportation, energy agriculture and investment.

On his opening remarks during the official launching of the forum, Zanzibar Second Vice- President, Ambassador Seif Ally Idd said Tanzania and Russia have had long, stable political and economic relations.

He said under the bilateral cooperation, Tanzania has benefited technical and financial support in of medical, military, energy, minerals and in political field.

With plenty of opportunities from both sides, Ambassador Seif Idd said, the government of Tanzania was committed to strengthen the ties between the two countries for the benefits of people of Russia and Tanzania.

The Minister for Industry, Trade and Investments’ Charles Mwijage, assured the Russian business people of good and conducive investment environment that Tanzania can offer them.

He said Tanzania is a member of East Africa Community and SADC, stressing that being member of the two regional blocks, the investors are assured of big and reliable markets for their products.

Tanzania Private Sector Foundation Chairman Dr Reginald Mengi, said the flow of Foreign Direct Investments (FDI) from Russia was still very minimal and thus concerted efforts to increase the in-inflow share was needed. He called upon the Forum to discuss the mechanisms for boosting Tanzania’s share in the Russia concessionary funds by finding refining ways of accessibility

“I wish to reassure the Russian business community that Tanzania is an attractive and ideal investment destination in whatever interests. I believe very strongly that the numerous investment opportunities will prove to be mutually beneficial to our economies,” he said.

According to Ekaterina Dyac­henko, head of the Organi­zing Committee of the Russian-African Fo­rum (RAF), Russian companies set sights on using RAF 2016 as a platform to explore new investment opportunities and further strengthen the economic and trade relations with Tanzania

She said the main purpose of the business mission was to explore potential social and economic areas such as agriculture, mining, oil and gas, tourism, economic infrastructure, manufacturing, fisheries, banking and insurance and education and health.

“The Forum will also provide an opportunity for Business-to-Business (В2В), Government-to-Business (G2B) and Government-to-Government (G2G) meetings and plenary sessions. There will be business visits at local factories and manufacturers to increase knowledge and shared experiences of business and investment developments.”

The trade turnover between Russia and Tanzania in 2014 totalled $154million, and the figures of the first quarter of 2015 were 71 percent higher than in the previous-year period.

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