19 December 2017

Tanzania: South Korea, Tanzania Trade Ties On the Rise

Dar es Salaam — Trade volume between Tanzania and South Korea reached $84 million during the first five months of the current calendar year as the two countries strengthen their bilateral relations.

Data released by the South Korean Embassy in Dar es Salaam recently, revealed that during the period, Tanzania exported goods worth $24 million (about Sh54 billion) to South Korea and imported goods valued at $62 million (about Sh140 billion). Tanzania exports tobaccos, coffee, copper and spices while Korea exports pharmaceuticals, steels, petrochemicals and tractors.

The figures suggest that the countries' trade will surpass last year's $200 million-mark.

"Economic cooperation and partnership will be strengthened as more and more Korean companies seek opportunities in Tanzania. People-to-people exchanges continue to increase with more than 3,000 visitors visiting each other's country annually. Korea and Tanzania have celebrated 2017 as "Quarter for Cordial Relations" and look forward to deepening bilateral relations in the areas of diplomacy, trade, cultural exchanges, education and development cooperation for grant and concessional loans which benefit both countries," the Vice-president for Korea-Tanzania Fellowship Association, Prof David Song said in a statement.

South Korea's EDCF Economic Cooperation Development Fund (ECDF) is an important component in Tanzania's development plans with the planned construction of the New Selander Bridge as a flagship project.

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