The United Republic of Tanzania

TANZANIA INVESTMENT CENTRE



Positive economic indicators influence Korea to invest in Tanzania .


The Prime Minister of United Republic of Tanzania, Hon. Kassim Majaliwa congratulated the efforts of Tanzania Investment Center (TIC) in collaboration with other stakeholders Korean Trade -Investment Promotion Agency (KOTRA), the Private Sector Foundation (TPSF), Tanzania Embassy's Office Korea and the Ministry of Foreign Affairs and East Africa Cooperation to achieve the second trade and investment forum between Tanzania and Korea. The forum was held on 23 July 2018 at Serena Hotel in Dar es Salaam. The guests of honors were the Prime Minister of the United Republic of Tanzania, Hon. Kassim Majaliwa (Mb) and the Prime Minister of the Republic of Korea, Hon. Lee Nak-yon. The forum gathered the private sector and government institutions from Tanzania and Korea with the aim of discussing existing opportunities in the health, infrastructure, construction, business and business sectors. Over 400 businessmen and representatives from the Government of Tanzania and South Korea participated.

 

In his speech, Prime Minister Hon. Majaliwa stated that the economic situation in the country continues to grow and that Tanzania is still leading to attracting foreign investments in the East African region (World Bank, 2017). This is due to improvements of conducive environment thus attracts companies from Korea to feel welcomed to invest and trade. Furthermore, Hon. Majaliwa assures that investing in Tanzania guarantees markets to local, regional and international market due to strategic location./ The Prime Minister has also told businessmen from Korea that the government appreciates and recognizes the contribution of the private sector to the development of Tanzania's economy so it is responsive to business challenges and finds solutions in order to create a favorable environment for business in the country.

 

In turn, Prime Minister of the Republic of Korea Hon. Lee Nak-yon acknowledged that the second business forum between Tanzania and Korea an indication of strengthen the relationship/cooperation of these two countries in terms of business investmentand trade. Hon, Lee Nak-yon said they are aware that Tanzania has been recognized by the World Bank as among ten nations whose its  economy is growing fast in the world, the situation influence Korean companies to think ofinvesting and trading with Tanzania. Korea is ready to expand in implementing various projects in partnership with the government and the private sector with the aim of bringing about a positive economic revolution in different sectors including industry, construction, oil and gas, energy, tourism, infrastructure and trade in general.

 

TIC was represented by the Executive Director Mr. Geoffrey Mwambe who gave a presentation on investment environment, existing opportunities to focus on the country's priorities, services for both investors through TIC, tax exemptions and government's readiness to help potential investors to establish business and investment in the country by owning themselves or joint ventures. The Businessmen have been invited to invest on pharmaceutical and medical facilities, to increase the value of agricultural products, livestock, fisheries and forestry, mining and tea products. Speaking on behalf of the Private Sector Foundation (TPSF), Vice Chairperson Mr. Salum Shamte has assured Korean businessmen that the investment environment in the country is good and welcomed them to come up with investment and trade projects proposals for investing in Tanzania.









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