Ministry of Trade seeks Ksh1B from Korea agency to promote export strategy
The government through the Ministry of Trade is seeking Ksh978 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).
INEDPS was launched in 2018 aimed at stimulating economic development through optimization of key sectors in Kenya’s economy.
According to the Ministry of Trade’s assistant director of trade Musa Okwemba, 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’ economies 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.
Ministry of Trade's Objectives
INEDPS 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.
Other Korean agencies at the centre of the proposed funding include Korea-Kenya Infrastructure Cooperation Centre, Korea International Cooperation Agency, and Korea Program on International Agriculture.
Deputy Korean Ambassador to Kenya GO Jae-Myeong expressed optimism that the partnerships would spur economic growth for the countries involved.
“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.