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South Korea PM pushes for business ties with Kenya

By Otiato Guguyu | Published Fri, July 20th 2018 at 14:22, Updated July 20th 2018 at 14:31 GMT +3

The visit by the Republic of Korea Premier Lee Nak-you is set to boost technology and skills transfer to local companies as the two countries pushed for more business partnerships.

On Friday the Korean Western Power signed a deal with Sosian Energy to increase import of power generation equipment for its facilities in Menengai.

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The two firms affirmed their 25-year deal on operations and maintenance of the 35 megawatts geothermal plant saying the commitment will go a long way in enhancing clean energy.

"Some Kenyans have been trained by Korea on technology, a collaboration that is significant to the country. Korea has also come with over 70 businesses,” Information, Communication and Technology Cabinet Secretary Joe Mucheru said.

Korea Trade-Investment Promotion Agency (KOTRA) also inked a deal with the Sh1 billion revenue business empire, Chandaria Industries to help Korean start-ups find a footing in the countries where the manufacturing firm operates in.

Under the Korea Start-up support programme, Chandaria Industries will offer the companies legal and marketing advice of accessing the Kenyan market as well as other African countries.

Lee Nak-you and CS Joe Mucheru said significant steps have been taken by the two countries to promote technology in the country.

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Among the support include Sh13 billion for development of Konza Technology City where Korea contributed Sh10 billion while Kenya allocated the remaining Sh3 billion.

Nak-you, who was on his first visit to Kenya and Africa termed Kenya “gateway to East Africa” saying it was the most important partner in the continent.

The PM said the two countries have significant potential in trade due to complimentary economic resources.

"Kenya has abundant resources, labour, political stability and strong government potential that creates a synergy when combined with Korea’s advanced technology,” said Nak-you.

The PM promised that his country would support Kenya big four agenda with emphasis on cooperation on energy and infrastructure, agriculture and fisheries.

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