- The Tanzania Startup Association (TSA) and the Korean Startup Forum (KSF) have entered into a memorandum of understanding (MoU) to promote collaborations between the two parties.
The Tanzania Startup Association (TSA) and the Korean Startup Forum (KSF) have entered into a memorandum of understanding (MoU) to promote collaborations between the two parties.
The primary objective of the MOU signed in South Korea, according to TSA chief executive officer Zahoro Muhaji, is to formulate and strengthen synergies, strategies, and programmes to identify investment opportunities and the development of start-ups of both countries. The collaboration will enable Tanzanian startups to seek foreign direct investment, technological and knowledge transfer, to learn, grow, and find market opportunities for their products and services in South Korea, added Mr Muhaji. MoU will act as a vehicle to bring business to Tanzania through the official development aid (ODA) of the Korean government.
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Tanzania and South Korea enjoy cordial economic and political relations. Tanzania’s exports to South Korea in 2020, was valued at $45.8 million (Sh103.3 billion). The principal exports from Tanzania were raw copper (51 percent), followed by raw tobacco (37.1 percent) and coffee product worth $7.68 billion. Tanzania’s exports to South Korea have been registering a 13.4 percent growth annually for the last twenty-five years. The exports from Tanzania rose from $1.96 million (Sh4.51 billion) in 1995 to $45.8 million in 2020.
