The Korean Embassy to Tanzania has reaffirmed its commitment to collaborating with Tanzania to foster a more conducive business environment, with the aim of attracting greater investment from South Korea.

This pledge was made last Friday by South Korean Ambassador to Tanzania, Eunju Ahn, during the annual Korea Business Day at the Dar es Salaam International Trade Fair, an event celebrating the deepening ties between the two nations.

The Korea Business Day was officially inaugurated by Prof. Kitila Mkumbo, Minister of State in the President’s Office for Planning and Investment, underscoring the Tanzanian government's keen interest in strengthening economic cooperation.

Ambassador Ahn highlighted the Korean Embassy's active engagement with Tanzania’s Tax Reform Commission. In a strategic move to encourage South Korean investment, Korea is prepared to share its experiences and best practices in tax administration, aiming to streamline processes and enhance transparency for foreign businesses.

This year marks a significant milestone: the 25th anniversary of the establishment of the Korea Business Association in Tanzania. Ambassador Ahn lauded the association for its pivotal role in identifying import and export opportunities and in fostering closer economic relations between Korea and Tanzania. She expressed confidence in its continued contribution to expanding the bilateral business partnership.

The growing momentum in Korea-Tanzania relations was further solidified by President Samia Suluhu Hassan's visit to South Korea in June last year. This landmark visit yielded crucial outcomes, setting the stage for future cooperation. 

The two countries agreed to commence negotiations for an Economic Partnership Agreement (EPA), a move expected to significantly boost trade and investment across various sectors. Furthermore, Korea substantially increased its concessional loan commitment to Tanzania, pledging an impressive $2.5 billion to be disbursed by 2028. 

Memorandums of Understanding (MoUs) were also concluded in the strategic fields of Minerals and the Blue Economy, promising to deepen the partnership and unlock substantial economic and social benefits.

Adding to the robust Korean business network in Tanzania, Ambassador Ahn commended Taegyun Kim, the Dar es Salaam Chapter President, for launching the Tanzania branch of the World Federation of Overseas Korean Traders Association (OKTA). 

OKTA is a global economic organization representing Korean entrepreneurs who are actively tapping into international markets. The inclusion of the Tanzanian Korean business community into this extensive network is anticipated to draw greater attention from Korean traders and attract more investment into the East African nation.

Ambassador Ahn reiterated South Korea’s strong commitment to deepening its economic partnership with Tanzania. “May this partnership unlock more trade and investment, enhance youth capacity building, and foster technological advancement, ultimately promoting the shared prosperity of both our nations,” she stated passionately.

Tanzania’s ambitious Development Vision 2050, which was approved by Parliament last week, identifies nine priority sectors poised to accelerate the country’s development over the next 25 years. 

These sectors include agriculture (including fisheries), tourism, industry, construction and real estate, mining, the blue economy, sports and innovation, financial services, and other broader services.

Ambassador Ahn highlighted the existing engagement of Korean companies in many of these priority sectors. "We have a wide range of ongoing partnerships in areas such as infrastructure, the Standard Gauge Railway (SGR), shipbuilding, mineral exploration, coffee exports, and cashew nut processing, to name a few," she elaborated. These private sector partnerships are considered key drivers of economic growth, facilitating knowledge sharing, people-to-people exchanges, job creation, and technological advancement, all contributing to sustainable and inclusive growth.

Prof. Kitila Mkumbo, Minister of State in the President’s Office for Planning and Investment, echoed the sentiment of growing collaboration. He noted that trade between Tanzania and South Korea is expanding annually, and the ongoing partnership will further accelerate this growth.

"The Korean presence in Tanzania is very notable—through the SGR project, you are providing people with modern transportation. People are already enjoying its benefits since it began. This has been possible through the strong relationship that we have between our two countries,” Prof. Mkumbo said.

He expressed Tanzania’s satisfaction with the signed MoUs for concessional loans worth $2.5 billion, to be disbursed by 2028, as part of the Economic Partnership Agreement. These substantial funds are earmarked for the development of the Bagamoyo Eco-Maritime City, a flagship project poised to become a key urban and economic hub. The project will encompass the construction of industrial parks, the largest port in the region, and other essential facilities.

"Our engagement with Koreans goes beyond diplomatic relations. As we launch Vision 2050, we are actively seeking partners from South Korea," he affirmed. He urged Tanzanian business communities to work closely with their South Korean counterparts and explore joint venture opportunities, emphasizing South Korea's highly advanced technologies that could significantly boost Tanzania’s social and economic development.

Jun Young Wohn, Director General of the Korean Trade-Investment Promotion Agency (KOTRA), underscored the importance of the Dar es Salaam International Trade Fair as a "beacon of opportunity, innovation, and partnership in Tanzania." He emphasized that Korea Business Day highlights the diverse activities of Korean companies in Tanzania, citing examples such as Better World, an international NGO showcasing its clean technology-based biogas utilization case for sustainable regional development.

The event not only celebrated the 25th anniversary of the Korean Business Association in Tanzania (KBAT) but also the launch of the Tanzania Chapter of OKTA. "We look forward to the dynamism and global connectivity that OKTA will bring to our shared economic landscape," Wohn stated. 

He also acknowledged the National Unification Advisory Council Africa Region for its increased engagement and activities in Tanzania, serving as a global voice for peace and unity on the Korean Peninsula.