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Tuesday, 26 April 2016 10:09

Tanzania, Russia Set to Sign Pact On Economic, Trade Ties

DODOMA, Tanzania, April 26, 2016 (The Citizen) — Investors from Russia are jetting into the country for trade and investments talks with their African counterparts, a cabinet minister said yesterday.

Industry, Trade and Investment Minister, Mr Charles Mwijage said here yesterday that an unspecified number of investors and government officials from the world's largest nation have been trekking into the country to take part in the Russian-Africa Forum 2016 (RAF-2016) that is slated for Dar es Salaam on Wednesday.

"We are co-hosting the event with our Russian counterparts... .my ministry is co-ordinating the event and all preparations are at an advanced stage," he told The Citizen yesterday.

During the event, Tanzania and Russia will sign bilateral economic and commercial relations between two countries. Tanzania will be represented by Mr Mwijage while the Minister of Trade and Industry of the Russian Federation Denis Manturov will sign on behalf of his government.

The Forum gives a chance for Tanzania and Russian businesses leaders to discuss on the possible areas of cooperation between their two nations. It also provides an opportunity for Russian business, finance and government leaders to get a better understanding of Tanzania's economy and to create mutual collaboration.

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

Moscow also seeks to increase its presence on the Tanzanian market and to explore the huge potential for social and economic cooperation in areas such as agriculture, mining, oil and gas, tourism, economic infrastructure, manufacturing, fisheries, banking and insurance as well as education and health.

Dar Ready for Russian-Africa Business Forum

Russian industrialists and business tycoons will meet the business community in Dar es Salaam on Wednesday for a high-level business summit to explore investment opportunities in Tanzania.

The Minister for Industry, Trade and Investment, Charles Mwijage, has confirmed preparation for the summit to be held at the Julius Nyerere International Convention Centre (JNICC) were at advanced stages and the government would be ready to host the Russian investors on a mission in Africa.

"Arrangements with the co-host, the Russian government are taking place being coordinated by my ministry at which all preparations are at advanced stage," the minister said in Dodoma.

The two-day Russian-African Forum 2016 (RAF-2016) will be held at Julius Nyerere International Convention Centre (JNICC) where a large group of Russian government representatives, industrialists and business tycoons will attend.

During the meeting, Mr Mwijage and his Russian counterpart, Denis Manturov will ink bilateral economic and commercial relations between two countries.

The Forum is to open discussions on the cooperation of Tanzanian and Russian companies and provides an opportunity for Russian business, financial and government authorities to get a better understanding of the Tanzanian economy and to create mutual collaboration.

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

She said the main purpose of the business mission is to increase presence on the Tanzanian market and to explore the huge potential for social and economic cooperation in areas such as agriculture, mining, oil and gas, tourism, economic infrastructure, manufacturing, fisheries, banking and insurance as well as education and health.

The highest rate for factories which is 400,000/-, Banks and petrol stations will be paying 150,000/- and 100,000/- respectively.

The Tarime DC directed Tarime Town Council and the police force to supervise implementation of the order. The aim, Mr Luoga said, is to enable the council boost its revenue so that it can meet its objectives.

"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 turnover between Russia and Tanzania in 2014 reached 154 million US dollars, and the figures of the first quarter of 2015 were 71 per cent higher than in the previous-year period. Tanzania maintained its position as the 11th fastest growing economy in the world.

Thus, Russia sees Tanzania as a promising business partner in the nearest feature. RAF 2016 has been organized by the Ministry of Industry and Trade of the Russian Federation, Ministry of Industry, Trade and Investment of Tanzania, the Embassy of Tanzania in the Russian Federation, the Embassy of Russian Federation in Tanzania and Export Club Russia in collaboration with The Tanzania Investment Centre (TIC) and Tanzania Private Sector Foundation (TPSF).

The Russian-African Forum invites Tanzanian business to visit Ekaterinburg on the 12th to 14th of July 2016 during the INNOPROM Exhibition. INNOPROM is the annual Forum and industrial trade fair attracting more than 46,000 visitors from 70 countries around the Globe. (This article was originally published by the Tanzania Daily News)

 

 
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