PDF Print E-mail
Monday, 18 February 2013 20:39


Russia Looks for Investment in Africa

By Kester Kenn Klomegah

CondeLavADDIS ABABA, Ethiopia, February 18, 2013 (Buziness Africa) -Russia seeks to increase its corporate investment portfolio and to strengthen existing economic cooperation under a renewed strategic plan in a number of African countries.

According to latest official reports of the Ministry of Foreign Affairs, Sergey Lavrov visited Mozambique, South Africa, Algeria and the republic of Guinea in mid-February to oversee and discuss the take off of planned projects with African leaders. Besides, Russia has strong business in Angola, Botswana, Zimbabwe, Namibia and East African region.


With Guinea, which this year celebrates 55 years of the establishment of diplomatic relations with Russia, the President of Guinea Alpha Condé expressed his interest in deepening the cooperation, primarily in the trade and economy, investment and educational spheres.


Provisions are created for the development of a privileged partnership in a range of spheres. They also agreed to conduct a regular session of the Intergovernmental Commission on Trade and Economic Cooperation this year in Conakry.


Lavrov and Condé think that RUSAL made a significant contribution to the consolidation of human assets of Guinea through awarding 100 scholarships for studies in higher institutions in the Russian Federation.


Lavrov pointed out, during joint press conference summarizing the results of negotiations with Mozambique Foreign Minister Oldemiro Balói in Maputo, the main task is to bring trade, economic and investment cooperation to a new level that is similar to the one achieved in the political sphere.


Plans to this effect are also envisaged on the level of the Intergovernmental Commission for Trade and Economic Cooperation, as well as within the framework of contacts between Russian companies interested in the Mozambique market and their partners in the country.


“Russian companies show interest to joint projects in the whole range of spheres, including oil and gas exploration, mineral resources development, as well as agriculture, transport, infrastructure, telecommunications. We actively support their dialogue with Mozambique partners, because we can start any implementations only after we reach agreements in the business community,” Lavrov said in official comment posted at the ministry’s website.


Both countries have agreed certainly to enforce a legal framework for the most effective implementation of these projects. Russia and Mozambique discuss the whole range of important documents calling for the consolidation of such legal framework.


These are documents about geological cooperation, agreement on encouragement and mutual protection of investments and on the work on an intergovernmental agreement on the use of the debt of Mozambique to Russia, making about $144 million, for investments into development projects in this country.


While in South Africa, Lavrov held negotiations with Minister of International Relations and Cooperation Maite Nkoana-Mashabane in Pretoria. The meeting was devoted to the visit of the President of Russia Vladimir Putin to South Africa on March 26-27 to conduct negotiations with South Africa’s President Jacob Gedleyihlekisa Zuma and his participation in BRICS summit. The meeting also reviewed the preparation of a considerable amount of bilateral documents practically embracing all the spheres of our cooperation.


They have agreed that the existing cooperation mechanisms – bilateral trade and economic commission, political dialogue under the guidance of foreign ministers and cooperation on military and military and technical issues – will prepare their reports with recommendations for the future to be considered at each summit conducted by the presidents.


They have also directly reviewed the preparation for BRICS summit talks within the framework of which the whole range of bilateral agreements are currently being prepared and developed in accordance with the orders of our Presidents at the last summit in New-Delhi.


They have confirmed that BRICS plays a very significant role in ensuring interests of the countries being members of this group, as well as other developing economies within the framework of the process of the international monetary and financial system's reform.


Nkoana-Mashabane and Lavrov said they supported the logic of South African partners to more closely familiarize BRICS members at the summit with African problems and value the role South Africa plays on the African continent, leading the efforts of settling existing conflicts by peaceful political and diplomatic means with the assistance of the African Union (AU) and subregional organizations such as Southern Africa Development Community and Economic Community of West African States. (Buziness Africa)



Articles in Calendar

< February 2013 >
Mo Tu We Th Fr Sa Su
        1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
19 20 21 22 23 24
25 26 27 28      

Buziness Africa magazine