[su_dropcap style=”flat” size=”5″]O[/su_dropcap]n 9 September 2024, the Minister of Construction, Innocent Bashungwa (MB), accompanied by the Minister of Land, Housing and Housing Development, Deogratius Ndejembi (MB), convened with the Chief Executive of the Korea Finance Institute for Construction (K-FINCO), Dr. Lee Eun Jae, and CEOs of over 30 South Korean construction companies in Seoul, South Korea.

Discussion Highlights

During the course of the discussions, which were held at different times, Minister Bashungwa presented the strategy of the Tanzanian Government to empower indigenous contractors and the implementation of development projects. He extended an invitation to Korean companies to participate in the implementation of projects pertaining to the construction of road infrastructure, bridges, and residential and commercial buildings.

Call for Collaboration

Minister Bashungwa has requested that the Chief Executive of the K-FINCO Institute facilitate collaboration between Korean construction companies and indigenous contractors in the implementation of construction projects in Tanzania. Such collaboration would facilitate the enhancement of indigenous contractors’ capacity and acquisition of expertise in infrastructure construction technologies.

Investment Prospects in Tanzania’s Infrastructure Sector

Furthermore, Minister Bashungwa has outlined the numerous investment opportunities in Tanzania’s infrastructure sector. These include the collaboration between Tanzania and South Korea in the construction of expressway infrastructure, among other initiatives. The objective is to alleviate congestion in Tanzanian cities through the PPP system and integrate the road network with those of the EAC and SADC countries.

Collaboration with South Korea

In his remarks, Dr. Lee Eun Jae, CEO of the Korea Finance Institute for Construction (K-FINCO), stated that the Korean government will continue to collaborate with Tanzania. He observed that the government has already engaged in discussions with the President of the United Republic of Tanzania, Her Excellency Dr. Samia Suluhu Hassan, and has entered into formal agreements with the Ministry of Construction and a number of other institutions, including NMB Bank.

Business Visit to South Korea

The ministers, together with their host, Togolani Mavura, the Ambassador of Tanzania in South Korea, are engaged in a business visit to South Korea. Among the activities scheduled to take place during the course of this visit is participation in the Global Infrastructure Cooperation Conference between Africa and the Republic of Korea (Global Infrastructure Cooperation Conference – GICC 2024).

Participation of Tanzania in GICC 2024

The Government of Tanzania is pleased to announce its participation in the International Conference on Infrastructure Cooperation between Africa and the Republic of Korea (GICC 2024). This event is being held under the auspices of the United Nations Economic Commission for Africa (UNECA).