SEOUL: THE Minister for Finance, Ambassador Khamis Mussa Omar, has stressed the importance of Tanzania strengthening economic cooperation with Asian countries as part of...
efforts to accelerate economic growth and improve development outcomes for its citizens.Ambassador Omar said Tanzania should place greater emphasis on investment in human capital, stronger government-private sector partnerships and the use of tourism as a strategic avenue for attracting international investors.
The Minister made the remarks during a visit to the Tanzania High Commission in Seoul, where he held discussions with Tanzania’s Ambassador to South Korea, Noel Kaganda, during his working visit to participate in the eighth Korea-Africa Economic Cooperation Conference (KOAFEC).
Ambassador Omar cited Singapore, Malaysia, Thailand and South Korea as examples of Asian countries that have achieved significant economic and development progress over the past decade.
He said Tanzania could draw lessons from these countries while strengthening economic cooperation with them to generate greater benefits for citizens on both sides.
Beyond foreign direct investment, Ambassador Omar identified tourism as an important gateway for attracting investors, citing Tanzania’s positive international image and the hospitality of its people as important advantages.
He noted that visitors who initially come to Tanzania for tourism could potentially become long-term investors if the country effectively showcases its investment opportunities and business environment.
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To achieve these objectives, the Minister called for closer and faster collaboration between the Government and the private sector, arguing that stronger public-private partnerships are essential to translating Tanzania’s economic potential into sustainable development.
Ambassador Omar further identified national unity and a strong commitment to hard work as important factors in ensuring that Tanzania makes effective use of its natural resources, including its tourism attractions, while taking advantage of its favourable investment environment.
He said coordinated efforts across government and the private sector would be critical to ensuring that Tanzania derives greater economic value from its natural resources and creates sustainable opportunities for future generations.
For his part, Tanzania’s Ambassador to South Korea, Noel Kaganda, thanked Ambassador Omar for visiting the Tanzanian diplomatic mission in Seoul.
Ambassador Kaganda said the High Commission continues to promote Tanzania’s investment opportunities through economic diplomacy, with the aim of attracting more investors and strengthening economic relations between Tanzania and South Korea.
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