TZ, Korea fasttrack development projects
SEOUL: TANZANIA and South Korea have agreed to accelerate implementation of a 2.5-billion-USdollar (approximately 6.625tri/-) financing commitment to Tanzania for strategic development projects aimed at stimulating economic growth across key sectors.
Minister for Finance Ambassador Khamis Mussa Omar said the two countries had agreed to speed up implementation of projects under South Korea’s Economic Development Cooperation Fund (EDCF), including those in transport infrastructure, technology, industry, culture and health.
He said Tanzania valued its development partnership with South Korea but stressed the need to improve implementation of jointly agreed projects, warning that delays by either side could undermine the commitments made.
He called for closer coordination and decisive action to address delays in project implementation, feasibility studies and detailed engineering designs, noting that some projects had taken several years before reaching the implementation stage.
The discussions followed the KOAFEC Ministerial Conference, which, among other issues, focused on cooperation in artificial intelligence (AI) and digital transformation as tools for accelerating Africa’s development.
Ambassador Omar said the two sides had agreed to closely monitor projects pledged during President Dr Samia Suluhu Hassan’s 2024 visit to South Korea. Among them is the construction of a Smart ICT College in Dodoma, which is expected to become the first of the projects to enter implementation in the near future.
Other projects discussed included the construction of the Zanzibar International Convention and Exhibition Centre, Binguni Referral Hospital and the development of Muhimbili National Hospital.
He said the construction of the Ifakara-Mahenge road was also discussed, particularly in connection with the development of the graphite mining project in the area.
On the proposed procurement of passenger coaches for the Standard Gauge Railway (SGR), the two sides agreed to jointly review the project’s cost and scope to ensure efficient implementation.
Ambassador Omar said the discussions concluded with both sides pledging closer cooperation to ensure all agreed projects were implemented and completed on schedule.
Meanwhile, Minister for Information and Communication Technology, Ms Angellah Kairuki, said Tanzania used the forum to promote investment opportunities in innovative technologies that could accelerate economic growth, create jobs and increase government revenue through taxes. She invited South Korean investors and technology companies to invest in Tanzania’s digital infrastructure, including data centres, expansion of 5G networks, fibre connectivity and telecommunications infrastructure such as communication towers.
“I have also invited them to invest in e-government technology and explore how they can work with our egovernment agency and the ministry to improve various government services, including social, education and health services, through digital systems,” Ms Kairuki said.
She said Tanzania was also seeking investment in financial technology, health and medical technologies, as well as technologies that could improve agricultural production and strengthen the entire agricultural value chain.
Ms Kairuki also highlighted the need to mobilise capital for the Tanzania Telecommunications Corporation (TTCL), including investment in fibre networks, TTCL shops and mobile services, saying some investors had expressed interest in partnering with Tanzania.
“As we know, Tanzania is blessed with a large population of young people and what we want is to turn this large youth population into an advantage for the nation and the economy.
That is the determination and commitment of the President through the Sixth Phase Government to create opportunities that can come to the country and provide employment for our people,” she said.
This year’s KOAFEC Forum was held under the theme “Harnessing AI and Digital Infrastructure for Africa’s Transformation” and was organised by South Korea’s Ministry of Economy and Finance, the African Development Bank (AfDB) and Korea Eximbank.
The forum brought together African ministers responsible for economic and financial affairs, AI and digital transformation, AfDB leaders, African companies and international development partners.
It focused on how AI and digital infrastructure can be leveraged to accelerate Africa’s development through investment, development financing, technological innovation and stronger economic cooperation between South Korea and African countries
