DAR ES SALAAM, Oct 27 (NNN-DAILYNEWS) — OVER 80 Korean and local companies have showed interest to set joint venture investments in water, infrastructure, oil, gas and minerals in Tanzania.
Speaking during the 2024 Republic of Korea-Tanzania Project Seminar in Dar es Salaam on Thursday, the Tanzania Investment Centre’s (TIC) Executive Director, Gilead Teri, attributed the Asian companies’ aspirations to President Dr Samia Suluhu Hassan’s visit in Korea in June this year, whereby she welcomed them.
President Samia in her historic visit in Korea created visibility to Tanzania’s economic opportunities in a range of areas, including energy in which the Asian investors could inject their capital through, among others, partnership with the domestic investors.
The hybrid seminar involved about 50 Tanzanian companies’ representatives who attended the meeting physically and other 38 of Korean companies who attended virtually.
It was co-organised by TIC, the Tanzania Private Sector Foundation (TPSF), National Development Corporation (NDC), Tanzania Chamber of Commerce, Industry and Agriculture (TCCIA) and Korea Trade Investment Promotion Agency (KTIPA).
Teri said that the event provided a platform for Korean investors to forge partnerships with their Tanzania’s counterparts, in bid to setting business in the potential economic opportunities and trade at large.
He said investment partnerships between Tanzanian and Korean companies are poised to facilitate transfer technologies between citizens of the two countries while transforming the bilateral cooperation to the new height.
“As the results of the investment, it is expected that local capacity building will be promoted by discussing initiatives that transfer knowledge between Republic of Korea investors and Tanzania counterparts,” Teri said.
He also urged investors to take an interest in Public Private Partnerships (PPP), by exploring areas to finance and implement large scale infrastructure projects.
For her part, Korean Ambassador to Tanzania, Ahn Eunju, said President Samia’s visit to Korea made the two countries agree to launch negotiations for an Economic Partnership Agreement that is the first for the Asian country to start with Tanzania.
She noted that as a results of the visit, the two countries signed two Memoranda of Understanding (MoUs) on blue economy and critical minerals development, to enhance economic cooperation among them.
She said the bilateral relationship between the two countries is prospering due to the increased engagements. Ms Ahn said the seminar in Dar es Salaam enabled Korean investors to explore more economic opportunities in Tanzania and make investment decisions, further strengthening trade and diplomatic cooperation at large. — NNN-DAILYNEWS
