DAR ES SALAAM, July 7 (NNN-DAILYNEWS) — TANZANIAN business persons have been urged to form strategic partnerships with Republic of Korean companies to harness a growing bilateral relationship poised to drive transformative development across key sectors.
Speaking at the Republic of Korea Business Day, held during the 49th Dar es Salaam International Trade Fair (DITF), Minister of State in the President’s Office (Planning and Investment), Prof Kitila Mkumbo, highlighted the vast potential that lies in tapping into the Republic of Korean technology and expertise.
“The Republic of Korea possesses advanced technologies that Tanzanian businesses can leverage to enhance operations and boost competitiveness,” said Mkumbo.
He added:“Technology driven joint ventures can equip our people with modern skills and position local industries for success in global markets.”
The event also marked the 25th anniversary of the Republic of Korea Business Association in Tanzania, an important milestone that reflects the enduring economic cooperation between the two nations.
“The Republic of Korea has achieved remarkable progress in infrastructure, agriculture and ICT. Let’s seize this exhibition as an opportunity to engage, sign agreements and forge partnerships with the Republic of Korean businesses. This should not be business as usual,” he added.
Despite the optimistic outlook, Prof Mkumbo acknowledged a persistent trade imbalance, noting that Tanzania continues to import significantly more from the Republic of Korea than it exports.
To address this gap, he urged Tanzanian entrepreneurs to invest in value addition for key exports such as coffee, tea, tobacco and cashew nuts to enhance their competitiveness in the Republic of Korean and global markets.
Mkumbo also explained that the Republic of Korea has continued to participate in various development programmes including a concessional loan package worth 2.5 billion US dollars earmarked for high-impact infrastructure projects. The projects include railways, ports, bridges, hospitals, energy systems and ICT networks.
“These projects present major opportunities for Tanzanian companies to engage in design, construction and maintenance, ensuring that local businesses directly benefit from the investments,” he said.
Beyond infrastructure, Mkumbo pointed to recently signed Memoranda of Understanding (MoUs) between the two countries in critical sectors such as the blue economy, covering marine resources, fisheries and port development as well as mineral processing.
These agreements are expected to open up new trade routes and improve market access for Tanzanian products such as processed cashew nuts, seafood, coffee and tea, particularly within Korea and the African Continental Free Trade Area (AfCFTA).
The Republic Korean Ambassador to Tanzania, Eunju Ahn, reaffirmed her country’s commitment to supporting Tanzania’s economic vision through collaboration in cashew processing, clean energy, transport, digital technologies and the blue economy.
“This partnership aligns perfectly with Tanzania’s National Development Vision 2025–2050, which prioritises export diversification, job creation and enhanced competitiveness,” Ahn said.
She also welcomed the recent MoU aimed at transforming Bagamoyo Port into a modern, globally connected maritime hub, calling it a symbol of the growing cooperation between the two nations.
The 25th anniversary of the Republic of Korea Business Association in Tanzania was marked by strong pledges from both public and private sector stakeholders to deepen ties through innovation, joint ventures and technical training.
The Tanzania–Korea partnership brings together critical elements finance, infrastructure, market access, technology and institutional collaboration creating a synergy that not only supports Tanzania’s sustainable development but also strengthens its position in the global economy. — NNN-DAILYNEWS
