Tanzania, S. Korea signs Us$2.5bilion deal

SEOUL, South Korea: Tanzania and South Korea have inked a Joint Declaration to establish an Economic Partnership Agreement (EPA), signing one Agreement and two Memorandums of Understand (MoUs) worth 2.5billion US dollars.

President Samia Suluhu Hassan and the President of the Republic of Korea, Yoon Suk Yeol witnessed the signing that allow Tanzania to receive the loan over a five-year period from 2024 to 2028.

A statement from the Presidential Office, said the funds will be allocated to finance development infrastructure projects and will be provided under the Korea’s Economic Development Cooperation Fund (EDCF).

“Tanzania and Korea have also signed an EPA agreement which will facilitate a strategic relationship, especially in the fields of Trade, Investment, Industry, Transport, among others,” a press statement read in part. “ This will open more doors for trade and economic cooperation.”

Tanzania is among only three countries in Africa that will engage in these discussions leading to an Economic Partnership Agreement with Korea. The other countries are Morocco and Kenya.

The Memorandums of Understanding signed in Seoul on Sunday include Cooperation in the Blue Economy especially fishing, seafood processing industries, construction of fishing ports, technology, and marine research.

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Tanzania’s Ministry of Minerals the Ministry of Trade, Industry, and Energy of South Korea signed a Memorandum of Understanding for Cooperation in Strategic Minerals. 

Tanzania and South Korea will collaborate in the research, investment, mining, and capacity building to add value to strategic minerals in Tanzania. These minerals include Nickel, Lithium, and Graphite.

President Samia proposed cooperation in the development of natural gas energy; the Creative Industry including arts and film; and opening the Korean job market for Tanzanian youth through the Employment Permit System (EPS).

President Samia concluded her two-day official visit and is expected to begin a working visit in the same country and is set to attend a summit of Heads of State and Government between Korea and Africa.

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