Tanzania, Korea eye 6.6tri/- deal

  • Samia to receive honorary doctorate
  • Dar, Seoul to sign seven MoUs

DAR ES SALAAM: TANZANIA and the Republic of Korea are set to seal a significant soft loan framework agreement worth 2.5 billion US dollars (about 6.6tri/-) to fund crucial development projects in the East African nation over the next five years (2024-2028).

The agreement will be signed during an official bilateral visit by President Samia Suluhu Hassan to the Republic of Korea, aimed at boosting trade, investment, and cultural cooperation between the two countries.

Speaking in Dar es Salaam yesterday, the Minister for Foreign Affairs and East African Cooperation, Mr January Makamba, stated that other agreements to be signed during the visit will enhance cooperation in aviation, the blue economy, strategic minerals, culture, arts, and agriculture.

“Honouring the strong diplomatic and political ties between our two nations, President Samia will visit the Republic of Korea from May 31 to June 6 this year at the invitation of Korean President Mr Yoon Suk Yeol,” he noted.

Mr Makamba revealed that while in Seoul, Dr Samia will hold bilateral talks with Mr Yeol regarding key areas of cooperation, including education, health, and infrastructure, which will be featured by the signing of seven Memoranda of Understanding (MoUs).

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Among the institutions that will sign the MoUs include the Geological Survey of Tanzania (GST), which will sign a binding framework with Korea’s Institute of Geoscience and Mineral Resource to foster collaboration in mineral survey and mapping.

President Samia will also receive an Honorary Doctorate in aviation management from the Korea Aerospace University (KAU).

The honorary doctorate recognizes Dr Samia’s transformative actions, policy interventions, and pragmatic leadership that have transformed the country’s aviation sector in terms of airport infrastructure development, investment in capacity building, and expansion of fleets for both passenger and cargo planes due to the revitalization of the Air Tanzania Company Limited (ATCL).

During the visit, President Samia will participate in the Korea-Africa Summit, which will bring together Heads of State and Government from Korea and African countries.

Dr Samia will address the summit and participate in a panel discussion on strengthening food and mineral security.

Economic diplomacy will be central to the visit, with President Samia meeting leaders from top Korean companies to explore partnerships in energy, infrastructure, and film production.

“In addition, recognizing South Korea’s advanced film industry, President Samia will engage with leaders in the Korean arts, music, and film sectors to promote cultural exchange and boost tourism.

This engagement will set a platform for the establishment of film studios and a National Film Academy in Tanzania,” Mr Makamba asserted.

“The diplomatic relations between the two countries span over three decades,” reminded Mr Makamba.

He said Tanzania will also forge cooperation with KAU in transforming the country’s aviation industry by collaborating in diversifying markets, upgrading skills such as customer care in the aviation industry’s human resources, and coordinating the entire sector.

“Korea has included Tanzania in the list of seven African countries of high priority for setting its investments,” Mr. Makamba said.

He mentioned that later on, President Samia will join the Korea-Africa Business Forum and have an audience with prominent Korean investors. According to Mr. Makamba, the visit will conclude on June 6 this year.

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