A KSh63 billion concessional development funding agreement was signed by South Korea and Kenya on the margins of the Korea-Africa Summit. The agreement includes KSh30 billion for the Konza Digital Media City Project.
The project in Konza Technopolis, according to President William Ruto, will strengthen Kenya’s digital ecosystem.
This is part of a larger government initiative to increase possibilities for the youth of Kenya to participate in the digital and creative economies.
Ruto further praised Korea for its support of Konza Technopolis under the Economic Innovation Partnership Programme.
Among the ongoing joint projects between Kenya and Korea, he included the creation of Bus Rapid Transit Line 5, the Nairobi ITS, the dualing of the 78km Machakos Junction-Emali Road, water supply and sanitation for the Konza Technopolis, and the Vaccine Production Project.
President Ruto also mentioned Kenya’s keen interest on enhancing trade relations with Korea to attain balanced trade between the two friendly nations.
“Although the balance of trade currently favours Korea, we have an opportunity to work together to reduce this imbalance,” he stated.
He went over additional areas of collaboration that Kenya and Korea are exploring, such as manufacturing, green industrialization, and maritime development, and mentioned that through technical alliances, infrastructural development, and capacity building, Kenya seeks Korea’s assistance in growing the semi-conductor industry.
“Kenya aspires to be a manufacturing and technology leader on the African continent. We invite Korean expertise to help meet our energy demands, including expanding our renewable power mix to incorporate nuclear energy,” he said.
President Yoon pledged, on his part, to improve Kenyan-Korean relations for the sake of both countries’ populations.
According to him, Korea is prepared to assist Kenya in achieving its ambitious transformation goal in the areas of technology, infrastructure development, and water and dam projects.
