Tanzania lures Korean investments in energy, infrastructure, logistics, critical minerals for its Vision 2050 goals
DAR ES SALAAM: TANZANIA is seeking greater investment from South Korea in energy, infrastructure, logistics, critical minerals and manufacturing as it moves to implement its ambitious Development Vision 2050.
Speaking at a Tanzania-Korea strategic partnership event in Dar es Salaam on Monday, the Manager for Infrastructure and Services at the National Commission Centre (NDC), Josiah Mwabeza, said the new 25-year development agenda provides opportunities for stronger economic cooperation between Tanzania and Korea, particularly in sectors capable of transforming the country’s economy.
Addressing various investors and businesspeople from Korea, the Manager said the Vision 2050 seeks to transform Tanzania into a prosperous, just, inclusive and self-reliant nation, with governance, peace, security and stability forming the foundation for development.
Elaborating, he said the vision is built around three key pillars: a strong, inclusive and competitive economy; human capability and social development; and environmental integrity and climate change resilience.
“Tanzania’s development priorities include energy, infrastructure, logistics, transportation, skills development and improving the business environment. These areas have significant potential for cooperation with Korean businesses and investors,” he said.
Moreover, he also highlighted battery manufacturing, critical minerals and natural gas-based industries as emerging areas where Tanzania wants to attract investment, noting that the country has more than three trillion cubic feet of natural gas resources.
According to him, greater investment in these areas will not only create jobs but also increase value addition, exports and government revenues by enabling Tanzania to process more of its natural and mineral resources locally.
Mr Mwabeza said the country also wants to strengthen trade with Korea by moving beyond the export of low-value products and promoting value addition and industrial cooperation that can generate greater benefits for both economies.
He said Korea’s experience in human capital development and economic transformation provides another area for cooperation, particularly as Tanzania seeks to strengthen skills and productivity under its development agenda.
Mr Mwabeza said Tanzania’s First Five-Year Development Plan under Dira 2050 will focus on inclusive economic growth and employment creation, with governance and institutional reform, energy, logistics and infrastructure, transportation and productive sectors, as well as skills and human capital development among its priorities.
He called for continued engagement between the two countries and their private sectors to translate the identified opportunities into investments that can accelerate Tanzania’s transformation and contribute to the achievement of Dira 2050.
