President Ruto is set to embark on a significant journey to the Republic of Korea, aiming to secure a substantial Ksh. 40 billion investment to bolster Kenya’s creative economy. This visit, scheduled to commence on Sunday evening, marks a crucial milestone in strengthening ties between Kenya and Korea and fostering economic growth.
The upcoming Korea-Africa Summit in Seoul will serve as a platform for discussions on various topics of mutual interest, including trade promotion, industrialization, and infrastructure development. President Ruto’s agenda will also focus on vital issues such as agricultural productivity, climate change response, and transitioning to carbon-free energy sources, aligning with his roles as the African Union Champion for Institutional Reform and Chair of the Committee of African Heads of State and Government on Climate Change.
Bilateral talks between President Ruto and President Yoon Suk Yeol will further solidify the Kshs 132 billion Framework Arrangement partnership established during President Ruto’s previous visit in November 2022. Additionally, agreements worth Kshs 40 billion will be signed to stimulate growth in Kenya’s creative economy sector, alongside a Ksh. 25 billion investment in water and irrigation projects, underscoring the comprehensive nature of economic collaboration between the two nations.
Kenya’s partnership with South Korea extends beyond economic cooperation to include areas such as healthcare, agriculture, and information technology. Kenya’s imminent membership in the International Vaccine Institute is poised to enhance local vaccine manufacturing capabilities, while negotiations for an Economic Partnership Agreement (EPA) highlight the commitment to fostering sustained economic growth.
Furthermore, discussions during the visit will explore opportunities for Kenya’s participation in South Korea’s Employment Permit System (EPS) Programme, potentially transforming labor migration dynamics in the region.
President Ruto’s Korea visit signifies a strategic step towards prosperity and underscores Kenya’s growing influence on the global stage. As diplomatic ties deepen and economic partnerships flourish, Kenya stands poised to harness its potential for inclusive growth and development.
photo source: Google
By: Montel Kamau
Serrari Financial Analyst
3rd June, 2024
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