Russia, Tanzania plan to sign agreement on promotion, mutual protection of investments in near future - Economic Development Minister Reshetnikov

ARUSHA. May 15 (Interfax) - Russia and Tanzania are negotiating and have the political will to conclude an agreement on the promotion and mutual protection of investments in the near future, Economic Development Minister Maxim Reshetnikov said on Friday at the Russia-Tanzania business forum in Arusha, Tanzania.

"An agreement on the promotion and mutual protection of investments is, of course, essential, primarily for banks, so they could realistically assess risks. We have managed to launch negotiations on it quickly. Implementing the document should significantly reduce risks for our investors," Reshetnikov said.

"There is the political will to adopt it, so I hope we can sign the document soon," Reshetnikov said.

Reshetnikov noted that the dynamic of bilateral relations is rendering Tanzania a leader in the African market. In 2025, a new record was set for mutual trade volume, growing nearly 20%, and there is potential to increase it by 1.5-2-fold by 2030.

"It is the mutual interest of businesses in cooperation and in finding new markets and projects that has set the pace we have reached today. We are currently consistently creating an intergovernmental mechanism, business contacts, a transport agenda, developing port and logistics infrastructure, and new freight routes. All of this is creating a stronghold in Tanzania for Russian companies to enter East African markets," Reshetnikov said.

Reshetnikov added that priority areas for further cooperation include energy, industry, transport, agriculture, tourism, pharmaceuticals, digitalization of the economy, the urban environment, science, and education.