8 October 2012

Zimbabwe: Govt, Russia to Sign Bippa

ZIMBABWE and Russia are today expected to sign a proposed Bilateral Investment Promotion and Protection Agreement in a move expected to enhance investment and trade relations between the countries, a Cabinet minister said last week. Economic Planning and Investment Promotion Minister Tapiwa Mashakada said the proposed Bippa would be signed between him and Russian Industry and Trade Minister Denis Mantrurov.

Parliaments of both countries will have to ratify the agreement.

"We have finalised the agreement and Mr Mantrurov and his delegation is arriving tomorrow for the signing ceremony," said Minister Mashakada last Friday. Before the signing ceremony, which will be held at Rainbow Towers, the delegation is expected to meet Foreign Affairs Minister Samuel Mumbengegwi, Industry and Commerce Minister Professor Welshman Ncube and Minister Mashakada.

After the ceremony, the Russian delegation would meet Minister of Defence Emmerson Mnangagwa.

Minister Mashakada said the Bippa should work as motivation for Russian investors.

He said it was in line with the country's policy to promote investment from the BRICs.

The BRICs is a grouping of the fastest emerging economies, which comprise Brazil, Russia, India, China and South Africa.

In August, a powerful business delegation from Russia was in Zimbabwe and expressed keen interest to invest in the mining and energy sectors.

The delegation was led by the Deputy Minister of Industry and Commerce, Mr Georgy Kalamanov.

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