Tanzania and South Korea have established a partnership that would merge startups in both countries.
The signing happened in South Korea on Tuesday with the Tanzanian ambassador present.
Both countries have enjoyed trade relations dating back 25 years.
Tanzania and South Korea have agreed on a partnership that will combine the startup ecosystems of both nations.
The Tanzania Startup Association (TSA) and the Korean Startup Forum (KSF) recently signed a memorandum of understanding (MoU) to champion a mutually beneficial partnership between both parties.
The signing of the agreement was signed in South Korea on Tuesday and witnessed by the Tanzanian ambassador Mr Togolani Mavura.
The Tanzania Startup Association chief executive officer Zahoro Muhaji said that the partnership would not only establish, but also strengthen joint ideas and strategies in order to proliferate investment opportunities in the space.
“This kind of collaboration with the KSF will pave the way to foreign direct investment, technological and knowledge transfer, and create a space for Tanzanian startups to learn, grow, and find market opportunities for their products and services in South Korea,” said Mr Muhaji.
Adding to the CEO’s point, the ambassador also admitted that such a deal would bolster businesses in Tanzania and bring in Korean businesses to the East African country. He stated, “Tanzania and Korea have had good relations for 30 years, and Tanzania is a strategic country for Korea. The signing of the MoU is a good start in bringing business to Tanzania through the ODA.”
The last 25 years has seen an increase in the units of products exported from Tanzania to South Korea at an annual rate of 13.4%. 2020 marked a significant milestone in the trade relations between both countries, as Tanzania recorded $45.8 million in export revenue.
Some key data on the $45.8 million revenue include; raw copper (51%), followed by raw tobacco (37.1%) and coffee products worth $7.68 billion.