The Citizen (Dar es Salaam)
Damas Kanyabwoya
11 November 2009
Tanzania has called for increased investments from Russia in the areas of agro-processing and manufacturing as a means of improving bilateral trade and economic ties between the two countries.
The minister for Industries, Trade and Marketing, Dr Mary Nagu, told a visiting Russian business delegation that trade between the two countries was dismal despite sharing some similar ideological backgrounds.
The countries were champions of command economies but were forced by circumstances to embrace market economics about twenty years ago.
Dr Nagu pleaded with the Russians to seriously consider investing in processing and manufacturing to help boost Tanzania's small capacity in agro processing.
"We need the partnership and cooperation of Russian industrialists to come and team up with our local entrepreneurs to develop and expand Tanzania's capacity in the processing and manufacturing industries.
We need capital and technology to improve our processing capacities for value addition," she told the Russian business delegation at the Tanzania-Russia Business Forum in Dar es Salaam yesterday.
The minister said Russian investments in Tanzania will improve trade relations between the two countries and help to reduce the trade imbalance that has remained in favour of Russia over the years.
Statistics indicate that between 2004 and 2008 exports from Tanzania to Russia grew from Sh1.41 billion to Sh5.985 billion. During the same period Russian exports to Tanzania grew from Sh2.3 billion to Sh87.82 billion.
"This indicates that there is potential for trade between the two countries to grow to higher levels. However we need also to close the trade imbalance that grew from Sh866 million in 2004 to Sh81.8 billion in 2008 in favour of Russia," Dr Nagu said.
Russian companies showcased their products and services at the forum. They included manufacturers of equipment for agriculture, gas and oil exploration, mining, trains and airplanes.
Tanzanian business and investments promotion agencies such as the Tanzania Investment Centre, the Export Processing Zones Authority, the Private Sector Foundation and the Chamber of Commerce Industries and Agriculture used the forum to promote Tanzania's investments and business opportunities to their Russian counterparts.
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