Tanzania and Canada have signed a co-operation agreement designed to promote and create favourable investment conditions between the two countries, Tanzania's Daily News reported Thursday (May 16th).
Minister of Foreign Affairs and International Co-operation Bernard Membe and his Canadian counterpart John Baird signed the agreement.The pact, known as the foreign investment promotion and protection agreement, strengthens economic ties between Canada and Tanzania and promotes local and foreign investment.
"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," a statement issued after the signing said. "It also enhances market predictability as it provides businesses with greater investment confidence."
The signing of the agreement comes after six rounds of negotiations between 2007 and 2012. The agreement will now be put forward for ratification in both countries.
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