Tanzanian businesses are being encouraged to forge strategic partnerships with companies from the Republic of Korea, as both nations seek to deepen economic trade ties and address trade imbalances. Speaking at the Republic of Korea Business Day during the 49th Dar es Salaam International Trade Fair (DITF), Minister of State for Planning and Investment Prof Kitila Mkumbo highlighted the transformative potential of leveraging Korean technology and expertise to modernize Tanzanian industries.
“The Republic of Korea possesses advanced technologies that Tanzanian businesses can leverage to enhance operations and boost competitiveness,” Prof Mkumbo said. He emphasized that technology-driven joint ventures would not only build local capacity but also position Tanzanian industries to succeed in global markets.
The event also marked the 25th anniversary of the Republic of Korea Business Association in Tanzania, a testament to the longstanding partnership between the two countries.
While acknowledging Korea’s achievements in sectors like infrastructure, agriculture, and ICT, Prof Mkumbo urged Tanzanian entrepreneurs to move beyond traditional trade engagements. “Let’s seize this exhibition as an opportunity to engage, sign agreements, and forge partnerships. This should not be business as usual,” he stressed.
Despite increasing cooperation, Prof Mkumbo noted the continuing trade deficit, with Tanzania importing far more from Korea than it exports. To address this, he called for greater investment in value addition across key exports such as coffee, tea, tobacco, and cashew nuts, which could enhance their competitiveness in Korean and global markets.
He also pointed to significant Korean support for Tanzania’s development through a $2.5 billion concessional loan package dedicated to high-impact infrastructure projects, including railways, ports, hospitals, energy systems, and ICT networks. These initiatives, he said, offer local firms vital opportunities to participate in design, construction, and maintenance work.
Recent Memoranda of Understanding (MoUs) between Tanzania and Korea in strategic areas like the blue economy, mineral processing, fisheries, and port development are expected to open new trade routes and enhance market access, especially for processed cashew nuts, seafood, coffee, and tea under platforms like the African Continental Free Trade Area (AfCFTA).
Republic of Korea’s Ambassador to Tanzania, Eunju Ahn, reaffirmed her country’s commitment to Tanzania’s development priorities. She emphasized joint efforts in clean energy, transport, digital technology, and cashew processing, noting that these align with Tanzania’s National Development Vision 2025–2050.
Ambassador Ahn also highlighted a recent MoU aimed at transforming Bagamoyo Port into a modern maritime hub, calling it a symbol of the deepening cooperation between the two nations.
The 25th-anniversary celebration drew pledges from both public and private sectors to expand collaboration through innovation, technical training, and joint ventures. The evolving Tanzania–Korean partnership now encompasses key drivers of sustainable growth—finance, technology, infrastructure, and institutional cooperation, strengthening Tanzania’s position in regional and global markets.
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