The Ministry of Industrialization, Enterprise and 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).
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 Korea Trade trade and investment agency (KOTRA) in Nairobi on Tuesday, the 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.
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 the growth of new export institutions and markets, and creating of future markets to strengthen the global competitiveness of entrepreneurs.
