South Korea to use Kenya as trading gateway to sub-Saharan Africa
South Korea intends to use Kenya as a trading gateway to sub-Saharan Africa, whilst enabling the government achieve its Big 4 agenda, sentiments echoed during South Korea’s PM visit to Kenya.
South Korea’s Prime Minister Nak Yeon says his country will support the fishing industry as well as opening the fishing industry to the S. Korean market improving lives as well as increasing revenue streams for the industry.
Mr. Yeon added that the country is keen on partnering up with Kenya on ICT technologies, agriculture, and education manufacturing and healthcare.Kenya saw FDI increase to $672 million, up 71 per cent, due to strong domestic demand and inflows in information and communication technology sectors according to the World Investment report.
Kenya on the other hand wants to introduce a variety of exports like the flowers, coffee, tea and fresh produce hence addressing the trade deficit between the two countries.
Asian countries seem to be on a quest for partnerships with East African countries with China being in the forefront with massive investment of infrastructure in the country.
Last month Kenya and Singapore signed two new agreements that are expected to pave way for mutual trade relations between the two countries. The first agreement touches on the Avoidance of Double Taxation (DTA) is expected to eliminate double taxation of income arising in individual states and paid to residents of the other country.
Korean Export and Import Exim Bank has in the past signed a deal worth Ksh10 billion that will be used to set up the Korean Advanced Institute of Science and Technology at the Konza City.