In view of Tanzania’s growing importance to Canadian companies, Tanzania and Canada have signed the Foreign Investment Promotion and Protection Agreement that is designed to promote and create favourable investment conditions and economic ties for Canada Tanzania trade relations.
The Pact was signed by Bernard Membe; Minister of Foreign Affairs and International Co-operation and his Canadian counterpart John Baird.
Bernard Membe said “The agreement levels the playing field and is a win-win for all involved. Facilitating two-way investment helps generate jobs, growth and long-term prosperity for Tanzanians and Canadians,it also enhances market predictability as it provides businesses with greater investment confidence.”
Canada has showed an interest in all sectors of the Tanzanian economy and the mining sector itself presents Canadian mining companies as among the largest foreign investors in Tanzania.
Canada and Tanzania have a longstanding bilateral relationship and since Tanzania’s independance, Canada has contributed more than 1 billion USD in development assistance to Tanzania.
