Key takeaways from Samia’s visit to Korea
President Suluhu Hassan shakes hands with South Korean President Yoon Suk Yeol when the two leaders met at State House in Seoul on June 2, 2024, during her six-day visit to the Asian country. PHOTO | STATE HOUSE
What you need to know:
- Briefing the press at State House in Dar es Salaam yesterday, presidential communications director Zuhura Yunus said President Hassan's successful negotiations and the agreements signed during her visit mark a new chapter in bilateral relations, promising mutual growth and stronger economic ties.
Dar es Salaam. President Samia Suluhu Hassan's official visit to South Korea has resulted in significant advancements in investment, trade, technology and economic diplomacy as the two countries set the stage for a future Economic Partnership Agreement (EPA).
The President was in South Korea for a six-day visit from May 31, 2024, to June 5, 2024.
Briefing the press at State House in Dar es Salaam yesterday, presidential communications director Zuhura Yunus said President Hassan's successful negotiations and the agreements signed during her visit mark a new chapter in bilateral relations, promising mutual growth and stronger economic ties.
“President Hassan and Korean President Yoon Suk Yeol signed a declaration to initiate discussions on trade and economic cooperation, which, if successful, will result in an Economic Partnership Agreement (EPA),” she said.
Ms Yunus said if the discussion succeeds and the EPA is signed will make the relationship between Tanzania and Korea strategic by integrating multiple areas of cooperation such as trade, investment, industry, transportation, etc.
“Tanzania will be empowered to produce goods that meet quality standards to satisfy external markets and strengthen the value chain," she said.
As the two leaders met in Seoul Tanzania was able to secure a concessional financing of $2.5 billion (Sh6.5 trillion) for infrastructure development and Sh422.16 billion for a referral hospital in Binguni, Zanzibar.
According to Ms Yunus, during her stay in Seoul, President Hassan witnessed the signing of other two key Memorandum of Understanding (MoU) one being focusing on the development of the blue economy.
“This agreement aims to enable technological research on marine resources and the utilisation of these resources. Tanzania will increase its investment in the blue economy, including the construction of fishing ports and the acquisition of modern vessels,” she said.
The second MoU pertains to cooperation in strategic minerals.
“This agreement will enhance Tanzania's capabilities in geological technology and the exploration of strategic minerals such as cobalt and nickel. It also includes initiatives for value addition to minerals and the establishment of modern laboratories,” said Ms Yunus.
Amid some controversy over the loans and concerns that they might be exchanged for agreements on cooperation in the blue economy and minerals, Foreign Affairs minister January Makamba clarified that the agreements are not related.
“There are two agreements signed for the $2.5 billion and that of Zanzibar, each with its terms and obligations and often preceded by lengthy negotiations. The MoUs, which are non-binding, are separate," he said.
"These two things are not connected. Even the process of obtaining MoUs and signing loan agreements are two different things," Mr Makamba said.
The minister emphasised that the 6th phase government has been using foreign trips to promote and achieve development goals as part of its foreign policy implementation.
The Minister of State, President's Office (Planning and Investment), Prof Kitila Mkumbo, highlighted that the government aims to enhance investment opportunities between Tanzania and South Korea by focusing on agricultural products, critical mineral resources and trade.
"In terms of minerals, we need capital and technology because the country's policy stance is to ensure we have mineral processing within the country. Currently, we have four mineral processing plants," he said.
Prof Mkumbo stated that through cooperation with South Korea, the government expects to improve mineral research, extraction and value addition.
"These collaborations will also help boost trade, as by adding value to our agricultural, livestock, forestry and mineral products, we will enhance our capacity to utilise the Continental Free Trade Area (CFTA)," he said.
The Minister for Information, Communication and Information Technology, Mr Nape Nnauye, mentioned that the two governments also discussed how to support and develop start-ups, many of which are technology-based.
During the visit, Mr Nnauye said he was able to participate in ministerial meetings with other leaders to discuss the future of artificial intelligence (AI) and the Internet of Things (IoT) and how these technologies can be applied to support development visions.
