Kenya seeks Ksh.978M from South Korea to unlock export potential
The Ministry of Industrialization, Enterprise
and Trade is seeking Ksh.978 million from the Korea Trade Investment Promotion
Agency (KOTRA) and the exchequer to facilitate the implementation of an
Integrated National Export Development and Promotion Strategy (INEDPS).
The strategy, which was launched in 2018, is
pegged on the liberal trade policies geared towards stimulating economic
development through optimization of key sectors in Kenya’s economy.
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 identified as a key economic pillar
towards achieving Vision 2030 whose short- and medium-term plans are key to
spurring Kenya’s GDP growth up to 10 per cent, 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’ economy 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.
Through its value chain approach, the INEDPS’
strategy links all target export products and services from their productive
stage to their identified markets.
It assigns export objectives and targets to
relevant national and county government ministries, departments and agencies.
The strategy also provides a framework for
coordinating development partners’ support to export development and enhance
economic growth.
According to forecasts, the strategy will
enhance the identification and expansion processes of markets for about 60 per
cent of manufactured products.
While confirming their willingness to
collaborate with Kenya, Deputy Korean Ambassador to Kenya GO Jae-Myeong
emphasized the need for stronger partnerships in creating vibrant economies.
“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.
KOTRA is a South Korean government-funded agency keen on enhancing growth of new export institutions and markets, and creation of future markets to strengthen global competitiveness of entrepreneurs.
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