In a significant step towards strengthening bilateral relations, Tanzania and South Korea have signed a Joint Declaration establishing an Economic Partnership Agreement (EPA), accompanied by one Agreement and two Memorandums of Understanding (MoUs) valued at $2.5 billion.
The signing ceremony was witnessed by Tanzanian President Samia Suluhu Hassan and South Korean President Yoon Suk Yeol. This agreement facilitates a loan to Tanzania over a five-year period from 2024 to 2028, aimed at financing key development infrastructure projects. The funds will be provided under South Korea’s Economic Development Cooperation Fund (EDCF).
A statement from the Tanzanian Presidential Office highlighted the strategic nature of this partnership, particularly in the sectors of trade, investment, industry, and transport. "This will open more doors for trade and economic cooperation," the statement noted, emphasizing the anticipated boost to Tanzania's economic landscape.
Tanzania joins Morocco and Kenya as one of only three African nations to engage in discussions leading to an EPA with South Korea. This positions Tanzania strategically within Africa's economic ties with Asia.
The MoUs signed in Seoul include cooperation in the Blue Economy, specifically in fishing, seafood processing industries, the construction of fishing ports, technology, and marine research. Additionally, Tanzania’s Ministry of Minerals and South Korea’s Ministry of Trade, Industry, and Energy have signed an MoU for cooperation in strategic minerals. This collaboration will focus on research, investment, mining, and capacity building to enhance the value of Tanzania's strategic minerals such as nickel, lithium, and graphite.
President Samia proposed further 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 to South Korea and is expected to embark on a working visit, where she will attend a summit of Heads of State and Government between Korea and Africa.