Kenya Wants South Korea to Fund Ksh.978M Project to Unlock Export Potential
Kenya Wants South Korea to Fund Ksh.978M Project to Unlock Export Potential, To fund the rollout of an integrated national export development and promotion strategy, the Ministry of Industrialization, Enterprise, and Trade has asked the Korea Trade Investment Promotion Agency (KOTRA) and the national treasury for Ksh.978 million (INEDPS).
The initiative, which began in 2018, is based on free trade principles that aim to optimize vital parts of Kenya’s economy in order to spur economic growth.
During a proposal presentation to KOTRA in Nairobi on Tuesday, Assistant Director of Trade Musa Okwemba from the Ministry of Trade stated that international trade has been identified as a key economic pillar towards achieving Vision 2030, the short- and medium-term plans for which are crucial to stimulating Kenya’s GDP growth up to 10% per annum.
Over time, the percentage of the world’s economy that is comprised of services has been growing. Since the development of ICT and transportation, international commerce in services has become increasingly important to the economies of most countries. Since the efficiency of services determines the effectiveness of both capital and labor, Okwemba argued that they are essential for economic growth.
The plan used by the INEDPS follows a value chain that connects the manufacturing phase of all export products and services to their respective markets.
It delegates export goals and quotas to the appropriate federal, state, and local entities.
The export development and economic growth enhancement support provided by development partners can be better coordinated with the help of this technique.
The plan is expected to improve the market identification and expansion processes for around 60% of manufactured products.
The Deputy Korean Ambassador to Kenya, GO Jae-Myeong, reaffirmed his country’s eagerness to work with Kenya and stressed the need for strong relationships in developing prosperous economies.
“We hope this is only the beginning, and that we will find numerous areas of engagement starting with such Official Development Assistance (ODA), and that it will expand and strengthen industrial cooperations,” he said.
Manufacturing, ICT, and other export-driven industries are given special attention in this plan.
KOTRA is a government-funded organization in South Korea that works to increase the development of new export institutions and markets, as well as the development of future markets, in order to improve the worldwide competitiveness of Korean businesses.
