Teri made the call in Dar es Salaam over the weekend during an interactive hybrid session dubbed, “2024 Korea – Tanzania Project Plaza’ that brought together over 100 companies in Dar es Salaam and online.

The interactive session brought together various South Korean firms engaged in oil and gas, water, mining, shipping, manufacturing, logistics, and infrastructure projects.

He said: “There are numerous reasons for South Korean firms to come and invest in Tanzania. Apart from the long-term bilateral relations that both countries continue to enjoy, Tanzania has for the past two decades pursued sound and robust economic policies that have resulted in an annual average growth of about 7 percent.” 

Teri noted that Tanzania has quite a diverse economy giving a lot of options to potential investors with both bilateral and multilateral trading arrangements.

 “South Korean firms operating in Tanzania will be in a position to access different markets,” he stressed.

 Korean Ambassador to Tanzania, Ahn Eunju commended the partnership between the two countries reiterating her country’s commitment to shared growth.

 “We’ve been collaborating with Tanzania in various sectors. Am confident that our relationship will even grow stronger in the years to come,” she said.

Linda Teggisa, the NMB bank’s head of transaction banking reiterated its commitment to financing South Korean companies with interest in investing in Tanzania, as part of its efforts to support sustainable economic growth.

She said: “This is further cemented by a strategic partnership sealed between our bank and Korea Finance for Construction (K-FINCO) a few months back. Through this partnership, we aim to extend our financial solutions further in the form of trade finance facilities to support the execution of the projects.”

 Tegessia added: “We expect to extend other services including capital financing, asset financing, and transactional solutions to cover the entire value chain of the projects,”

 She noted that the bank will continue to be a strong player in project financing through partnerships with global financial institutions and commended the sixth phase Government for creating a conducive business environment.

 “A very strong regulatory framework has helped push the growth of the banking and financial sector in recent years. The banking sector has seen consistent growth in credit provisions from 34.6trn/- in 2021 to 46trn/- according to reports,” she said.

 She noted that her bank will continue playing a leading role in driving financial inclusion as part of efforts to bridge the no-banked gap.

 Tegessia during the event commended the long-term relationship between Tanzania and South Korea adding that the ties between the two countries have continued to foster development.