Russia, Zimbabwe agree on protection of mutual investment
HARARE, Zimbabwe. Oct 8 (Interfax) - Russia and Zimbabwe signed an agreement on the protection and encouragement of investment in Harare on Sunday.
Russian Deputy Economic Development Minister Leonid Osipov and Zimbabwean Economic Planning and Development Minister Tapiwa Mashakada signed it in the presence of Russian Industry and Trade Minister Denis Manturov.
"In fact this is an important event, especially for our companies that have started operating in Zimbabwe and the projects that are developed by companies that are interested in the advancement of their production in Zimbabwe," Manturov said.
He said that relations between Russia and Zimbabwe have been marked by high intensity lately. Companies are entering the Zimbabwean market quite actively.
"This interest will only be growing, therefore the document is fundamental for securing the capital investment made by our companies," Manturov said.
He said trade turnover between the two countries is steadily growing. In 2011, the volume of trade was around $31 million and the growth rate - 131%.
In his turn, Osipov said that the agreement had been worked out in record time despite certain adjustments in its application in Zimbabwe.
"The work lasted for a month and a half. That is a record time. It shows the interest of both Russian business and the Zimbabwean side," he said.
