By Alfred Zacharia
Tanzania
and South Korea have renewed their commitment to economic and development
cooperation during Korea Business Day, held on the sidelines of the 49th
Dar es Salaam International Trade Fair (DITF).
The event
brought together top government officials, diplomats, business leaders, and
investors from both countries to explore opportunities in trade, investment,
and technology transfer.
Speaking
at the event, the Minister for Planning and Investment, Prof. Kitila Mkumbo,
described South Korea as an inspiring model of rapid economic development that
Tanzania can learn from, especially as it launches Vision 2050.
“I was
privileged to accompany President Samia Suluhu Hassan on her state visit to
South Korea last year,” said Prof. Mkumbo. “Among the most memorable moments
was visiting the Museum of Development in Seoul. It reminded us that Korea,
once a poor country, has now become one of the world’s leading economies.”
He added that Tanzania is keen to apply the lessons from Korea’s transformation journey to its own long-term development plans.
Vision 2050, which was recently
approved by Parliament, will be officially launched on July 17.
Prof. Mkumbo noted that Korea is already a strong development partner.
He cited
several major projects supported by the East Asian country, including the
supply of modern electric coaches for the Standard Gauge Railway (SGR) and the
construction of the Tanzania-Korea Friendship Bridge, commonly known as Kigamboni
Bridge.
He also
revealed that the two countries have signed a concessional loan agreement worth
$2.5 billion, to be disbursed under the Economic Development Cooperation Fund
(EDCF), supporting priority infrastructure projects.
One of the projects to benefit from the funding is the Bagamoyo Eco-Maritime City, a revised version of the earlier Bagamoyo Special Economic Zone.
The planned
development will include industrial parks, a free trade zone, and what is
expected to become Tanzania’s largest port.
“This will
be a strategic hub for trade and industry in the region, and a symbol of strong
cooperation between Tanzania and South Korea,” said the minister.
“These
include agriculture, fisheries, tourism, real estate, mining, the blue economy,
innovation, and financial services,” said Ambassador Ahn.
She noted
that Korean companies are already engaged in some of these sectors and
expressed confidence that bilateral economic ties will continue to grow.
Ambassador Ahn also announced the launch of the Overseas Korean Traders Association (OKTA) Tanzania branch, which will promote trade and investment between the two countries.
OKTA is a global network of Korean entrepreneurs supporting overseas
market expansion.
“This is a
timely step that will strengthen commercial ties and bring more Korean
investors to Tanzania,” she said.
She
further congratulated the Korea Business Association in Tanzania for marking 25
years since its establishment, praising its efforts to promote bilateral trade.
To celebrate Korea’s culture, the Peaceful Unification Advisory Council (PUAC) organized a Korean food tasting and cultural experience session.
Ambassador Ahn
said such activities help build stronger people-to-people relations, which are
essential in development partnerships.
Meanwhile,
Ms. Ratifa Khamis, a senior official from the Tanzania Trade Development
Authority (TanTrade), said the Korean business community is well-represented at
this year’s trade fair.
“There are
more than 10 Korean companies showcasing products ranging from cosmetics to
advanced technology,” she said. “This is a great platform for local businesses
to explore partnerships and learn from Korean expertise.”
Korea Business Day served as a reflection of deepening cooperation between the two nations, especially in the context of Tanzania’s long-term development strategy.
Both sides pledged to continue working closely to promote shared
prosperity through trade, investment, and innovation.