TANZANIA Investment Centre (TIC) has invited Korean investors to consider opportunities in Tanzania, highlighting several factors that position the country as premier investment destination.

Speaking at the 2024 Tanzania-Korea Project Plaza in Dar es Salaam yesterday, TIC Director General Gilead Teri emphasized Tanzania's strategic location for trade.

He noted that TIC has established a dedicated desk for Korean businesses aimed at facilitating investment and business relations between Tanzania and Korea.

“Tanzania is a member of both the Southern Africa Development Community and the East African Community, providing access to a market of 500 million people,” he said.

Chairman of Korea Businesses in Tanzania, Tiger Lee, remarked that Korean enterprises thrive in Tanzania, particularly in construction, manufacturing and other sectors.

Saidi Tunda, Manager for Investment at the National Development Cooperation (NDC), highlighted the importance of collaboration with TIC to promote investment in Tanzania.

“NDC is the government’s investment arm, so when you engage with TIC, it opens doors and NDC is there to support you,” he said.

Jun Young Wohn from Korea Trade Investment Promotion Agency (Kotra) noted that both countries are actively working together to promote investment.

 Currently, there are 35 Korean companies operating in Tanzania, primarily through Public-Private Partnerships (PPP) in sectors such as manufacturing and construction.

In June, President Samia Suluhu Hassan visited Korea, where the two nations signed a Joint Declaration to establish an Economic Partnership Agreement (EPA) which included one agreement and two memoranda of understanding valued at $2.5 billion.

The agreement allows Tanzania to receive concessional loans over a five-year period from 2024 to 2028, with the signing witnessed by both President Samia and President Yoon Suk Yeol of the Republic of Korea.