Kenya, South Korea Ink Ksh.120 Billion Deal
23/11/2022 21:32 in Business News
Kenya and South Korea have agreed to a Ksh.120 billion deal in which the Asian country will fund a variety of development projects in Kenya.


The agreement, which comes as President Ruto's State visit to Korea enters its second day, will focus on strengthening health, ICT, and agriculture programs, technical training and vocational education, the Sagana Industrial Park, affordable housing, energy, infrastructure, and urban transport, as well as Mombasa's Dongo Kundu and Naivasha special economic zones.

President Ruto expressed gratitude for the support under the economic cooperation development framework while speaking at the Yongsan President's Office in Seoul with his South Korean counterpart Yoon Suk Yeol.


He stated that the agreement will help Kenya's rapid economic development plan by stimulating manufacturing, agro-processing, and value addition.

Kenya will also collaborate closely with South Korea to build manufacturing plants in Konza Technopolis, an export promotion zone dedicated to pharmaceutical manufacturing, vaccine production, and agricultural value addition.

"We will implement strategies that increase farm productivity and seek your Government’s support for agricultural mechanization as well as cooperation in research and technological innovation," he added. 

The two heads of state also agreed to collaborate on green energy, security, and the development of the Nairobi Intelligent Transport System and Bus Rapid Transit network to help the city decongest.

In a reprieve for Kenya, which is currently suffering from the effects of drought, South Korea pledged to assist Kenya in dealing with the effects.

At the same time, President Ruto stated that Kenya will assist Korea in establishing a cultural center in Kenya.

He stated that this will help to promote the Korean language and strengthen ties between the two peoples. The President further said this would benefit Kenyans who are identified for further studies, training and work in Korea.

President Yeol, in congratulating President Ruto on his election last August, stated that his country would continue to strengthen bilateral ties with Kenya for the benefit of both countries' citizens.

He said his government was doing everything possible to ensure a balance of trade between Kenya and Korea.

"We are finalising the process of clearing Kenya's avocados into this country in an effort to attain balance of trade," President Yeol said.


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