The President of Tanzania, Dr. Samia Suluhu Hassan and President Yoon Suk Yeol of the Republic of Korea have witnessed the signing of one agreement, agreement documents (MOU) and a joint declaration to establish the Economic Cooperation Agreement (EPA).
This agreement will enable Tanzania to receive a loan from Korea amounting to 2.5 Billion US Dollars for a period of five years from (2024-2028) for development infrastructure projects provided under the Economic Development Cooperation Fund of the Korean Government (EDCF).
In order to open more doors for commercial and economic cooperation, Tanzania and Korea have also signed the EPA agreement that will enable strategic relations, especially in the fields of Trade, Investment, Industry, Transport, etc.
Tanzania is one of the only 3 countries in Africa that will hold discussions that will lead to an Economic Cooperation Agreement with Korea, the other countries are Morocco and Kenya.
The Memorandums of Understanding signed today include Cooperation in the Blue Economy where Tanzania will cooperate with South Korea in the areas of fishing, seafood processing industries, construction of fishing ports, technology and ocean research, also the Ministry of Mines of Tanzania and the Ministry of Trade, Industry and Energy of South Korea have signed a Memorandum of Understanding on Cooperation in Strategic Minerals.
Tanzania and South Korea will cooperate in research, investment, mining and building the capacity to increase the value of strategic minerals in Tanzania. The minerals are Nickel and Lithium.