Moscow. Tanzania and Russia are finalizing talks on a local currency payment system to boost bilateral trade and strengthen economic cooperation.
The minister of State in the President’s Office [Planning and Investment], Prof Kitila Mkumbo, announced the development during the state visit of President Dr Samia Suluhu Hassan to Russia.
Prof Mkumbo confirmed that both nations expect to sign the bilateral agreements before the conclusion of the historic state visit.
Currently, the trade volume between the two countries stands at $200 million.
The new agreement aims to open a fresh chapter of productive cooperation in trade, investment and economic development.
The framework will integrate the Tanzanian Shilling and the Russian Rouble into commercial payment systems.
This integration will ease transactions and enhance trade efficiency between the two nations.
Historically, Russia contributed significantly to the political liberation of Africa.
Prof Mkumbo noted that the nation remains a vital partner in Tanzania’s economic liberation through technology, investment, and development cooperation.
Russia has made significant advancements in agriculture, crop processing, seed production, and the mining sector.
These fields will support Tanzania as it implements its National Development Vision 2050, which is set for launch this July.
One of the major anticipated outcomes of the state visit is the construction of the Southern Railway.
This infrastructure project will be executed through a Public-Private Partnership framework.
Additionally, Tanzania and Russia are in the final stages of an agreement to enable Air Tanzania Company Limited to establish direct flights between Dar es Salaam and Moscow.
This initiative will simplify travel, boost tourism, and expand commercial opportunities between both nations.
