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Russia and Tanzania are capable of doubling their trade, and Russian businesses display an interest in joint projects in energy, agriculture, infrastructure, and tourism, Russian Economic Development Minister Maxim Reshetnikov said while meeting with Tanzanian Prime Minister Kassim Majaliwa.
A Russian delegation led by Reshetnikov arrived in Tanzania on Monday (October 28) to take part in the first meeting of the Russian-Tanzanian intergovernmental commission on trade and economic cooperation.
“We stand ready to help the Tanzanian economy maintain the high pace that has been achieved in the energy, agriculture, infrastructure development, and tourism sectors,” Reshetnikov said, adding that around 50 Russian companies are taking part in the Russia-Tanzania business forum.
“Mutual political and diplomatic understanding between our countries provides good preconditions for stepping up trade and economic interaction. There is considerable unused potential. According to our estimates, trade between our countries could double.”
Tanzanian businesses have displayed a huge interest in Russia, and Russian businesses are willing to enter new markets, invest in joint projects, and share technology, he said.
Current Russia-Tanzanian bilateral trade is running at about US$400 million, with Russian exports making up 85% of this. Russian exports include grains and fertilizers, while Tanzanian exports include coffee and tea. However, there is great potential for developing Russian tourism facilities in Tanzania, the country has a spectacular Indian Ocean coastline and a rich heritage. The country also has a well-established wildlife safari industry and includes the ecologically famous Serengeti National Park.
Russian corporates are also interested in developing the Tanzanian LNG sector and Indian Ocean maritime transport and logistics. Tanzania has also expressed interest in joining the BRICS and are ditching the US dollar in favour of using their own respective currencies.
Russia’s FESCO Transportation Group is also considering the launch of a new shipping services between Russian ports and Tanzania, according to the company vice president, Dmitry Pankov. He was speaking at the two countries’ Intergovernmental Commission currently being held in Tanzania, and said that “In the near future we plan to launch services that will link Russian ports with the port of Dar es Salaam in Tanzania. Initially this will probably be services with transhipment in India and subsequent sailings to Novorossiysk, the Far East and St. Petersburg, but our objective is to open a direct service. Tanzania could serve as a major transport and logistics hub for shipping goods to other countries in East and Central Africa.”
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