- The funding will aim at implementation of the integrated national export development and promotion strategy (INEDPS).
- Forecast to enhance identification and expansion processes of markets for about 60% of manufactured products.
Kenya is seeking Sh978 million from the Korea Trade Investment Promotion Agency (KOTRA) to implement the national promotion strategy.
The Integrated National Export Development and Promotion Strategy (INEDPS) which was launched in 2018 is pegged on liberal trade policies geared toward stimulating economic development
Speaking during the proposal presentation, the Ministry of Trade’s assistant director of Trade Musa Okwemba said international trade is a key economic pillar towards achieving vision 2030 whose short and medium-term plans are key to spurring GDP growth up to 10 per cent.
“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,” Okwemba said.
“Efficient services are critical for economic development because they are determinants of the productivity of capital and labour.”
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 for export development and enhancing economic growth.
It is forecasted that 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 emphasised 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,” Jae-Myeong said.
The sectors that have been prioritised 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 the growth of new export institutions and markets and creating of future markets to strengthen the global competitiveness of entrepreneurs.
The other Korean Government institutions at the ODA forum were Korea Overseas Infrastructure and Urban Development (KIND), Korea International Cooperation Agency (KOICA) and Korea Program on International Agriculture (KOPIA)