South Korea to fund Kenya’s national export strategic plan at a tune of KSH 978 million
NAIROBI, Kenya - Kenya is seeking to steer up its export sector by implementing the Integrated National Export Development and Promotion Strategy (INEDPS) to position itself as an economic powerhouse.
INEDPS which was launched by the Ministry of Industrialization, Enterprise and Trade in 2018 will require funding worth Ksh.978 million.
South Korea under the Korea Trade Investment Promotion Agency (KOTRA) has agreed to fit the bill from their exchequer to facilitate the implementation of INEDPS.
Deputy Korean Ambassador to Kenya GO Jae-Myeong confirms his government’s willingness to collaborate with Kenya to forge a stronger partnership in creating vibrant economies.
Jae-Myeong “We hope this is just the beginning, and we will find many areas of collaboration starting with such Official Development Assistance (ODA), and we hope it will evolve and deepen industrial co-operations.”
The strategy is pegged on the liberal trade policies geared towards stimulating economic development through optimization of key sectors in Kenya’s economy.
According to Musa Okwemba, Assistant Trade Director, Ministry of Industrialization, Enterprise, and Trade, international trade has been identified as a key economic pillar towards achieving Vision 2030 whose short- and medium-term plans are key to propelling Kenya’s GDP growth up to 10 percent, per annum.
“The global share of services in total output and employment has been increasing over time. Presently, trade in services plays a pivotal role in most countries’ economies as a result of advances in ICT and transport. Efficient services are critical for economic development because they are determinants of the productivity of capital and labour,” said Okwemba.
The INEDPS’ strategy seeks to link all target export products and services from their productive stage to their identified markets.
The sectors that have been prioritized for export development under this strategy include; manufacturing, Information, and Communication Technology, among others.
The strategy also provides a framework for coordinating development partners’ support for export development and enhancing economic growth.
According to forecasts, the strategy will enhance the identification and expansion processes of markets for about 60 percent of manufactured products.
KOTRA is a South Korean government-funded agency keen on enhancing the growth of new export institutions and markets and creating future markets to strengthen the global competitiveness of entrepreneurs.