Tanzania is seeking to deepen economic ties with South Korea and attract more investment and development financing as Finance Minister Ambassador Khamis Mussa Omar leads the country’s delegation to a major Korea-Africa economic forum.
Ambassador Omar arrived in Seoul to represent Tanzania at the eighth Korea-Africa Economic Cooperation Conference (KOAFEC), which is focusing on how artificial intelligence (AI) and digital infrastructure can accelerate Africa’s economic transformation.
The four-day conference, running from September 8 to 11, brings together African finance and economic ministers, development partners, technology companies and financial institutions to discuss investment, development financing, innovation and economic cooperation.
For Tanzania, the meeting provides an opportunity to engage Korean institutions and companies as the country seeks more capital for development and greater private-sector participation in its economy.
Ambassador Omar is also expected to hold bilateral meetings with Korean institutions and companies alongside Information, Communication and Information Technology Minister Angellah Kairuki.
The engagements are aimed at promoting investment opportunities in Tanzania and attracting capital that could support economic growth and create jobs, particularly for young people.
The conference is being jointly organised by the South Korean Ministry of Economy and Finance, the African Development Bank (AfDB) and Korea Eximbank under the theme “Harnessing AI and Digital Infrastructure for Africa’s Transformation.”
The discussions are expected to examine how African countries can use digital technologies and AI to improve productivity, attract investment and strengthen economic competitiveness.
For Tanzania, increased access to Korean technology, financing and investment could support efforts to expand infrastructure, modernise services and create new opportunities for businesses.
Korea-Africa economic cooperation has gained momentum over the past two decades, with South Korea increasingly positioning itself as a development and investment partner for the continent.
At the Korea-Africa Summit held in Seoul in June 2024, attended by leaders and representatives from 48 African countries, South Korea pledged to double its development assistance to Africa to $10 billion by 2030.
It also committed an additional $14 billion in export financing to support Korean companies seeking to expand trade and investment in Africa.
The commitments have created a larger financing pool for African economies while opening opportunities for Korean companies to expand their presence on the continent.
Tanzania’s participation in KOAFEC therefore comes as the government seeks to translate international partnerships into investment, technology transfer, expanded business activity and employment opportunities at home.
The conference also gives Tanzania an opportunity to strengthen its position within the wider Korea-Africa economic partnership and pursue financing for projects aligned with its development priorities.