Prime Minister Stephen Harper today announced the conclusion of negotiations toward a Foreign Investment Promotion and Protection Agreement (FIPA) between Canada and Tanzania. The announcement was made during an official visit to Canada by Jakaya Kikwete, President of Tanzania.
“Our Government is focused on creating jobs, growth and long-term prosperity, and to creating the right conditions for Canadian businesses to compete internationally,” said the Prime Minister. “This new agreement with Tanzania will encourage investment between our two countries and better-protect Canadians that do business in Tanzania.”
Now that negotiations have concluded, both countries will conduct a legal review of the agreement and proceed with its signing and ratification.
The potential for increased Canadian investment in Tanzania is important, especially in the mining, oil and gas, power infrastructure, mining equipment and services, and transport sectors. Total cumulative mining assets in Tanzania were valued at $2.3 billion in 2011.
Since 2006, Canada has concluded or brought into force FIPAs with 13 countries, and is in active negotiations with 13 others.