Political stability, resource richness attract growing Russian investment

DAR ES SALAAM: RUSSIA’S growing interest in Tanzania’s burgeoning economy and political stability has intensified, as evidenced by the recent Tanzania-Russia Business and Investment Forum in Dar es Salaam.

The two-day event brought together government officials, business leaders and investors to explore opportunities in key sectors such as agriculture, mining and energy.

Russian Federation Minister for Economic Development, Maxim Reshetnikov, said at the closure of the forum that Tanzania was Russia’s strategic partner in Africa.

“Tanzania is one of the most dynamically developing countries on the continent with a steadily growing economy in sectors such as agriculture, transportation, energy and tourism,” said Mr Reshetnikov.

He noted Tanzania’s wealth of natural resources and rapidly growing population as key factors contributing to its economic potential.

“Our economy remains resilient to external changes and continues to grow above the global average. Russian enterprises are keen on joint projects with Tanzania, market expansion, knowledge exchange and technology transfer,” he added.

Mr Reshetnikov expressed confidence that the forum would serve as a productive platform for furthering Tanzania-Russia relations and fostering mutual growth.

ALSO READ: Japan emerges as promising market for Tanzania coffee

Representing Tanzania, Minister of State in the President’s Office for Planning and Investment, Prof Kitila Mkumbo, highlighted the 63 years of cooperation between Tanzania and Russia.

He assured attendees that Tanzania remains one of Africa’s most politically stable countries, a vital factor in promoting investor confidence.

“Political stability here is assured, providing an ideal environment for long-term investment,” Prof Mkumbo stated. Prof Mkumbo also highlighted the value of Russia’s support to Tanzania’s agriculture sector, underscoring Russia’s achievements in agricultural productivity.

“We have learned greatly from Russia’s expertise in agriculture. With Tanzania’s aspiration to feed Africa and potentially the world, this cooperation can bring that vision within reach,” he said.

The forum also featured remarks from Russian Federation Ambassador to Tanzania Andrey Avetisyan and Tanzania’s Ambassador to Russia, Fredrick Kibuta.

Both expressed enthusiasm for the new opportunities the forum will bring to enhance trade, investment and knowledge sharing between the two nations.

The event, which hosted 250 participants, included 120 representatives from Russia’s various investment sectors as well as development partners eager to explore opportunities in Tanzania.

He led the Russian delegation, which was welcomed by Tanzania’s Prime Minister Kassim Majaliwa on their arrival.

Prime Minister Majaliwa highlighted Tanzania’s advantages for investors, citing a substantial consumer base of over 64 million people and access to the broader East African market, totalling over 300 million people, as well as the Southern African Development Community (SADC) market, which also boasts more than 300 million potential consumers.

This inaugural TanzaniaRussia Business and Investment Forum marks a significant step toward strengthening the nations’ economic partnership, establishing a foundation for sustained growth and creating more collaborative opportunities across sectors.