By Lake Zone Watch Writer
President Samia Suluhu Hassan has begun a seven-day tour of South Korea with a message of goodwill and to learn the secret behind the Asian country’s miracle to economic growth.
Tanzania, East Africa’s second largest economy, has much to learn the epic story of Korea’s quest for wealth in recent years.
President Samia and her delegation will have the opportunity to explore and discern who and what energised Korea to enrich its people far beyond even what optimists would have imagined just a few decades ago.
With her entourage, President Samia will also explore some rich veins, beginning with the compelling Korean people who forced their nation forward. These men of broad vision, who were usually obsessed with micro-managing details, include President Park Chung-hee as the leading exemplar during his rule from 1961 to 1979.
According to Tanzania’s foreign minister, January Makamba, during her official visit President Samia will team up with other African heads of state and government to attend a two-day Africa-Korea meeting from June 3 to 4 to discuss bilateral cooperation and other issues of mutual interest.
Political and diplomatic relations between Tanzania and Korea were established 32 years ago to strengthen trade and investment opportunities as the former embarked on the road to market-based economy after years of centralised economic planning.
Makamba said President Samia and her Korean counterpart, Yoon Suk Yeol, will also hold discussions on matters of mutual interest on June 2 before witnessing the signing of seven protocols on strengthening cooperation in various sectors between the two countries.
One agreement touches on Korea’s Exim Bank extending a soft a loan of 6.5 trn/- (2.5 billion dollars) to Tanzania to finance development projects for five years from 2024/2028. Key economic sectors planned to benefit from the loan include health, education and infrastructure development.
Tanzania is one of the fastest growing economies in Africa based on World Bank projections. It is beyond argument that the country is benefiting from globalisation and an emphasis on exports that are happily consumed by other countries.
With foreign investments pouring in because of the relaxation of restrictive policies, the country is poised for a brighter future in the decade ahead in terms of economic growth.
Under President Samia, who will receive an honorary degree for her exemplary leadership from Korea Aerospace University (KAU), Tanzania is building complex filters to allow the import of critical ingredients for production, including technology, capital equipment (when necessary) and energy, while protecting domestic industries from foreign competition.