Business

Tanzania and South Korea set to collaborate on startup ventures in both countries

Tanzania and South Korea have decided to collaborate in order to integrate their respective startup ecosystems.

Recently, the Korean Startup Forum (KSF) and the Tanzania Startup Association (TSA) inked a memorandum of understanding (MoU) to promote a cooperative relationship between the two organizations.

The agreement was signed on Tuesday in South Korea in the presence of Tanzania’s ambassador, Mr. Togolani Mavura.

The relationship, according to Zahoro Muhaji, chief executive officer of the Tanzania Startup Association, would not only develop but also enhance shared ideas and tactics in order to increase the number of investment opportunities in the area.

“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,

“For 30 years, Tanzania and Korea have had solid relations, and Tanzania is a crucial partner for Korea. The ODA-facilitated commercial venture into Tanzania is off to a promising start with the signing of the MoU.

Tanzania has increased its exports of goods to South Korea at an average rate of 13.4% over the past 25 years. Tanzania’s $45.8 million in export revenue in 2020 marks a key turning point in the bilateral commercial relations.

Raw copper accounts for 51% of the $45.8 million in revenue, followed by raw tobacco (37.1%) and coffee goods for $7.68 billion.

 

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