TSA, KAF ink deal to support Tanzania’s startup ecosytem

REPUBLIC OF KOREA: Tanzania Startup Association (TSA) and the Korea-Africa Foundation (KAF) have signed a Memorandum of Understanding (MoU) to support the development of Tanzania’s startup ecosystem.

The signing ceremony took place during the Korea Youth Startup Forum session on 5th June 2024 during the President Samia Suluhu Hassan visit to Seoul, South Korea.

The MoU outlined a comprehensive framework for collaboration in three key areas.

Speaking after the signing ceremony the TSA Board Member Mr Jumanne Mtambalike unveiled the areas as developing exchange programmes which will facilitate the exchange of knowledge and best practices between Korean and Tanzanian startups to foster mutual learning and growth.

Another area is collaboration on Information sharing which will pave the way for the sharing of valuable information regarding startups and youth development initiatives between the two countries, empowering both ecosystems to make informed decisions and develop effective strategies for fostering innovation and entrepreneurship.

Joint research projects and studies are among the areas which will help to undertake collaborative research projects and studies on topics relevant to the development of both startup ecosystems.

“By leveraging KAF’s extensive resources, expertise and government backing, the MoU presents a powerful platform for propelling the growth and success of Tanzania’s startup ecosystem.

“It signifies a long-term commitment from the Korean government to fostering a mutually beneficial partnership that will contribute to the flourishing of innovation and entrepreneurship in both countries,” said Mr Mtambalike who is also a Founder and Chief Executive Officer of Sahara Ventures where its mission is to build a stable innovation, technology and entrepreneurship ecosystem in Africa through consultancy and investment.

The Chief Executive Officer (CEO), Mr Zahoro Muhaji said MoU will generate valuable insights that can be used to address challenges and optimise support structures for startups in both Tanzania and Korea.

“The Memorandum of Understanding between TSA and KAF represents a strategic partnership and a significant commitment from the Korean government to support the development of Tanzania’s startup ecosystem,” said Mr Muhaji.

“We have had a great working relationship with KAF in the past, but reaching this stage of signing an MoU signifies the potential they see in our Tanzania startup ecosystem. This is a great opportunity for the youth of Tanzania to advance in their innovations and entrepreneurial journeys,” Mr Muhaji stressed.

The Ambassador of the Republic of Korea, Woon-ki Lyeo, and president of the KAF noted that they look forward to developing mutual exchange programmes between Korean and African startups, sharing information to promote exchanges between startups and youth, and researching joint projects to develop the startup ecosystem.

KAF is affiliated with the Ministry of Foreign Affairs of Korea. Its mission is to promote genuine partnerships with the African continent across political, economic, cultural, academic, and various other sectors.