Tanzanian delegation led by Finance Minister Khamis Mussa Omar (left) and ICT Minister Angellah Kairuki (second right) visited Hanyang University ERICA in South Korea to explore partnerships in AI, robotics and digital transformation.
By Guardian Correspondent , The Guardian
POSCO International, earlier known as the Pohang Iron and Steel Co., a South Korean conglomerate, is expected to pursue wider investments in the country, on top of its $40m equity in Black Rock Mining to help develop the Mahenge graphite mine.
The company has lately declared its intention to position Tanzania as a key hub for its economic activities in Africa, as it moves to expand investment in the country’s mining, energy and agriculture sectors.
This intention was expressed during talks with Finance minister Khamis Mussa Omar and Angellah Kairuki, the Communication and Information Technology minister who visited the South Korean capital towards the end of last week.
Officials said that the centre of discussions was the Mahenge graphite project, now in its final capital increase phase, slated for completion by the end of the year.
Infrastructure needed to strengthen the project’s supply chain and improve the movement of graphite from the mine to markets was discussed, especially road link from the mine site to key railway networks, plus the procurement of dedicated railway rolling stock for the purpose.
Partnerships involving the country’s Economic Development Cooperation Fund and Korea Eximbank were explored, on the background of the Korea-Africa Economic Cooperation (KOAFEC) ministerial conference.
Disbursements from the fund support infrastructure, technology, manufacturing, and healthcare projects, where the host authorities agreed to accelerate disposal of the $2.5bn project funds commitment.
Officials said that beyond graphite, the visiting ministers presented opportunities for expanded cooperation in critical minerals, particularly nickel, cobalt and copper value chains in Dodoma Region specifically.
Investment opportunities in agriculture, including palm oil production and domestic seed manufacturing were raised, as part of efforts to reduce dependence on imported agricultural inputs.
Carbon trading was raised, along with the need to explore technology partnerships in industrial artificial intelligence, robotics and digital analytics, areas viewed as increasingly important to modernising production and improving efficiency across key sectors, officials noted.
Jae Sung Lim, the POSCO International executive vice president, said Tanzania ranks among the conglomerate’s top five strategic partners in Africa, hinting at further deepening the relationship.
The conglomerate plans to establish a representative office in Tanzania, shifting oversight of the company’s Tanzania operations from its regional headquarters in South Africa, strengthening coordination with the various authorities and improving the company’s ability to identify, develop and manage investment opportunities locally.
Diplomatic channels would be used in further consultations to facilitate communication and accelerate the implementation of current initiatives, with expanded engagement coming as Tanzania seeks to attract more foreign investment into strategic sectors.
It is focused on strengthening partnerships that can bring capital, technology and expertise to the country, with the Korean firm expecting that its increased involvement here helps broaden its presence across East Africa.
It will also give the company greater access to the country’s mineral resources, agricultural potential and emerging opportunities in energy and technology, with the proposed representative office scanning multiple sectors, they added.
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