Tanzania’s economy spurs Russian ties
DAR ES SALAAM: THE resilient nature of Tanzania’s economy has spurred increased investments, businesses and robust economic growth while strengthening diplomatic relations, particularly with Russia.
According to the Bank of Tanzania (BoT) latest annual report, the country’s imports from Russia more than doubled from 303.2bn/- in 2021/22 to 778.4bn/- in 2022/23, while exports increased slightly by 0.6 per cent from 16.5bn/- to 16.6bn/- .
The Tanzania National Business Council (TNBC), Executive Secretary, Dr Godwill Wanga, said on Wednesday during the second RussiaAfrica conference in Dar es Salaam that the country’s GDP remained strong despite various challenges.
“The economy is very resilient despite most economic activities still being informal,” Dr Wanga said.
BoT data shows that over the last four years, the country experienced GDP robust growth after the economy grew by 5.2 per cent last year, up from 4.7 per cent recorded in the previous year.
The central bank projected the GDP to grow at 6.1 per cent by the end of this year.
The interactions between the two countries and improvements in the business environment will lead to more business and more investments.
“Tanzania views Russia as an important partner in trade, investment and political cooperation. “We will continue to seek closer cooperation in these areas to sustain the diplomatic ties built over the past 60 years,” Dr Wanga said.
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Russia’s Ambassador to Tanzania Mr Andrey Avetisyan said that the Tanzanian government has supported many investors and created a positive investment environment that welcomes policies of economic openness to foreign investors.
“Tanzania is among the countries known worldwide for opening doors to international investments and we are happy to work with those investors, including those from Russia,” said Mr Avetisyan.
Similarly, Mr Fyodor Lukyanov, Research Director of the Valdai Discussion Club, highlighted that there is more to achieve in terms of economic development between African and Russian.
“With a flexible environment, we can build the economy we want. We should maintain resilience and seize the opportunities we have, putting aside our differences to achieve our economic goals,” he said.
As the dynamics of world affairs continue to shift, this new political and economic reality increasingly defines the real world. It represents an inevitable process in response to uncertain civilisational diversity.
