Advertisements

Kenya’s industrialization ministry is Seeking Ksh.978M from South Korea

Ministry
accord university

The industrialization ministry is after Ksh.978M from the South Korean government-funded agency KOTRA, to enhance the implementation of INEDPS.

The Ministry of Industrialization, Enterprise, and Trade is seeking Ksh.978 million from the Korea Trade Investment Promotion Agency (KOTRA) and the exchequer to enable the implementation of an Integrated National Export Development and Promotion Strategy (INEDPS).

This strategy launched in 2018 is attached to the liberal trade policies adjusted towards restoring economic development through optimization of key areas in Kenya’s economy.

Ministry
South Korea collaborates with Kenya on Trade deals

While speaking during a proposal presentation to KOTRA in Nairobi on Tuesday, Ministry of Trade’s assistant director of trade Musa Okwemba said international trade has been observed as a key economic pillar towards achieving Vision 2030 whose short- and medium-term plans are important 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.

Coherent services are critical for economic development because they determine the productivity of capital and labor,” said Okwemba.

The INEDPS’ strategy links all target export products and services from their productive stage to their identified markets through its value chain approach.

It also assigns export objectives and goals to relevant national and county government ministries, departments as well as agencies.

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.

Deputy Korean Ambassador to Kenya GO Jae-Myeong emphasized the need to strengthen partnerships in the creation of a vibrant economy while confirming their willingness to collaborate.

“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 cooperations,” he said.

The sectors that have been prioritized for export development under this strategy include; manufacturing, Information, and Communication Technology, among others.

Subscribe to our You Tube channel at Switch TV.

KOTRA is a South Korean government-funded agency keen on enhancing the growth of new export institutions and markets, and the creation of future markets to strengthen the global competitiveness of entrepreneurs.

Never miss any important news. Subscribe to our newsletter.

Leave a Reply

Your email address will not be published.

scroll to top