South Korea Positions Itself For Big Four Investments Opportunities

On September 25, 2018 In Latest News

NAIROBI, 20 July 2018 (PSCU) — President Uhuru Kenyatta and the Prime Minister of the Republic of South Korea Lee Nak-Yeon today held talks to enhance Korea’s role in Kenya’s economy and the achievement of the Big Four development agenda.

The South Korean Prime Minister is in the country on a two-day official visit and is accompanied by more than 70 business leaders.

The two leaders met at State House, Nairobi, where they agreed to strengthen  the partnership between Kenya and Korea especially in fields where the Asian economic giant is a leader such as technology and the blue economy.

South Korea agreed to use Kenya as its trading gateway to Sub-saharan Africa and pledged to work closely with the government to implement the Big Four Agenda.

South Korea is a leader in shipping and has agreed to support Kenya to develop its nascent sector. Prime Minister Lee said Korea is also ready to support the development of Kenya’s fishing industry as well as open up its market to fish from Kenya, a move that could earn Kenyan businesses huge revenues.

Prime Minister Lee also said that Korea will open its market to Kenya’s agricultural produce such as coffee, tea and flowers.

Korea has offered to partner with Kenya in the enhancement of manufacturing through transfer of skills and is already supporting Kenya on the Konza techno city project. The PM also said that Korean phone manufacturing companies are ready to set up factories in Kenya and transfer their technology and skills.

Prime Minister Lee said Korea is also ready to share its experience in healthcare with Kenya as it seeks to achieve Universal Health Coverage.

He further added that Korean companies have the expertise to support Kenya in achieving the affordable housing dream.

“The businessmen who have accompanied me are all looking for business opportunities in Africa and especially Kenya,” said PM Lee.

The Korean leader underscored Korea’s commitment to continue working with Kenya in expanding its geothermal power capacity, a field in which Kenya is among global leaders.

On his part, President Kenyatta said Kenya and Korea have similarities as they are both countries built on human capital, and can benefit from stronger partnership.

The Head of State lauded the support Korea has given in the establishment of the Kenya Advanced Institute of Science and Technology (KAIST) at Konza, an institution aimed at enhancing the quality of higher learning in Science and technology.

“Promotion of a digital society is a fundamental priority of my government, as seen in the existing agreement in e-government, aimed at establishing a Korea-Kenya E-Government Cooperation Centre in Nairobi,” said President Kenyatta.

The meeting was attended by Cabinet Secretaries Monica Juma (Foreign Affairs), Amina Mohamed (Education), Joe Mucheru (ICT) and Charles Keter (Energy).

This is the first High-level engagement of Kenya and the Republic of South Korea under the new administration of President Moon Jae-in.

Earlier in the day, the Korean PM attended a Korea-Kenya business forum at the Kempinski Hotel in Nairobi.

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