Tanzania and the Republic of Korea have opened a new chapter of economic cooperation following the Tanzania–Korea Business Forum, a high-level platform that brought together government officials, investors, and private sector leaders from both nations. The forum marks a renewed commitment to strengthening bilateral trade, investment, and strategic collaboration.
Opening the event, Tanzania’s Minister for Foreign Affairs and East African Cooperation, Hon. Mahmoud Thabit Kombo, said the two countries are united by a shared vision of prosperity, innovation, and sustainable development—values that continue to guide their economic partnership. He emphasized that although trade volumes between Tanzania and Korea have grown in recent years, significant opportunities remain untapped, particularly in the food industry, packaging manufacturing, and value-added processing.
South Korea’s Ambassador to Tanzania, H.E. Eun Ju Ahn, expressed optimism about the future of bilateral cooperation, noting Korea’s increasing interest in investing across Africa. She reaffirmed her government’s commitment to supporting information exchange, business linkages, and investment facilitation to strengthen long-term collaboration. Ambassador Ahn also highlighted Tanzania’s youthful population as a major competitive advantage, offering investors both a strong labor force and a growing market for goods and services.
Dr. Latifa M. Khamis, Director General of the Tanzania Trade Development Authority (TanTrade), revealed that Tanzania’s exports to Korea grew from USD 22 million to USD 28 million in 2024—an increase driven largely by agricultural products and minerals. She encouraged Korean investors and companies to participate in Tanzania’s international trade exhibitions, including the annual Sabasaba trade fair, as a gateway to exploring investment and business opportunities.
The forum concluded with the signing of a Strategic Cooperation Memorandum of Understanding between the Tanzania Private Sector Foundation (TPSF) and the Korea Importers Association (KOIMA), formalizing commitments to deepen trade relations, promote joint business ventures, and support long-term investment partnerships.
With expanding trade, growing investor interest, and strengthened institutional collaboration, Tanzania and Korea have laid a foundation for a dynamic, forward-looking economic relationship—one expected to bring mutual growth, innovation, and sustainable development for years to come.