On 24th October 2024, the Tanzania Investment Center (TIC) hosted the Tanzania and South Korea Investment Forum in Dar es Salaam.
The event brought together 38 companies from South Korea and 50 counterparts from Tanzania to discuss opportunities and partnerships.
Presentations at the forum covered various topics, including TIC’s incentives, regulations surrounding Public-Private Partnerships (PPP), and investment guidelines from key organizations.
These included the Tanzania Petroleum Development Corporation (TPDC), the Tanzania Electric Supply Company (TANESCO), and the Tanzania Mining Commission.
Representatives from Korean institutions, including Korea Exim Bank, attended the event and shared valuable insights on accessing funding for prospective projects.
The Executive Director of TIC, Gilead Teri emphasized the opportunities available in sectors such as minerals, infrastructure, energy, oil, and gas.
He highlighted: “As part of the ongoing efforts by the sixth-phase government, TIC has organized this seminar to connect investors from Tanzania and Korea. These companies are particularly interested in investing in four key areas: water, infrastructure, oil and gas, and minerals. We aim to foster collaboration that benefits both nations.”
Teri expressed optimism about the growing partnership between Korean investors and their Tanzanian counterparts, hoping it would yield mutual benefits.
On her part, the Korean Ambassador to Tanzania, Ahn Eun Ju highlighted her role in enhancing trade relations.
She noted that following the 2024 Korea-Africa Summit held in June 2024 in Seoul and discussions between the two countries’ presidents, there is a promising path forward with negotiations for an economic partnership agreement—the first of its kind for Korea with an African nation.
She added that the agreement is expected to lay the groundwork for further economic development between Korea and Tanzania.
Tanzania and South Korea Relations
Tanzania and Korea’s relationship began with establishing diplomatic ties in 1992 and has since evolved to encompass various sectors including infrastructure, trade, and technology.
As of September 2024, Korea has invested US$ 89 million across 68 projects in Tanzania, generating approximately 5,000 jobs for Tanzanians.
In June 2024, Tanzanian President Samia Suluhu Hassan and South Korean President Yoon Suk Yeol witnessed the signing of several key agreements during a state visit.
Notably, Tanzania secured a US$ 2.5 billion loan from South Korea through the Economic Development Cooperation Fund (EDCF) to be utilized over the next five years for infrastructure projects across the country.
