Tanzania has signed a memorandum (MoU) of understanding with Rwanda in a bid to boost trade and attract investments in the two countries.
The MoU was signed by Robert Bayigamba, the President of Rwanda Private Sector Federation (RPSF) and Esther Mkwizu, the Chairlady of Tanzanian Private Sector Foundation (TPSF).
Mkwizu said the MoU will strengthen the relationship between the countries to bring about an improvement in trade in the region.
The development comes after statistics show that export trade between the two countries was still low at about 10 percent, yet Tanzania and Rwanda have common trade interest.
The Tanzanian Minister for East African Corporation is heading the team of about 20 members, which is the country. He had earlier said in 2006, the volume of trade was $5.7 million. The volume improved to $17.6 million in 2007.
“But the figure is still not worth mentioning in value compared to Rwanda’s trade value with Uganda and Kenya,” he said.
RPSF’s Bayigamba, however was optimistic that the volume of trade between Rwanda and Tanzania could increase, saying the two countries have a lot in common to share.
Kamara emphasised that Tanzania is much committed to achieve the East African Common Market.
Clare Akamanzi, Deputy Director General Rwanda Investment and Export Promotion Agency (Riepa) said the forum would embrace the East African Community (EAC) ambitions.
“It is practical way to share investment opportunities each of us possesses.”
The EAC is a regional economic bloc that is determined to realize a development of its member states,” Akamanzi said.
She added that Rwanda is very aggressive in fostering economic development through interactions, evident from the investment conference held in the country in June.
TPSF delegation that visited Kenya and Uganda too is will today to head to Burundi for the same forum.