NAIROBI, Kenya- Kenya and South Korea have signed a multi-billion trade deal that will spearhead developments in the country.
President William Ruto revealed that the government of South Korea agreed to offer $485 million (KSh 63.4 billion, based on the exchange rate) in concessional development funding.
How South Korea will participate in Konza City growth
Engaging South Korea President Yoon Suk Yeol of Korea on the sidelines of the Korea-Africa Summit at the Korea International Exhibition Centre in Goyang in the outskirts of the capital Seoul, on Tuesday, June 4, Ruto said the fund will be significant in Kenya’s economic development.
The head of state noted that out of the total fund, $238 million (Sh31.1 billion) will go towards the development of the Konza Digital Media City.
“We value our strong relations with South Korea, which continues to make a significant contribution to Kenya’s development, especially in technology.
“The release of $485 million (Sh63.4 billion) concessional development funding, including $238 million (Sh 31.1 billion) for the Konza Digital Media City Project, will bolster our digital ecosystem, expanding opportunities for our youth in the creative economy,” said Ruto.
Speaking during the event, Ruto said the Government of Korea and Korean investors have a critical role to play in turning Africa’s enormous potential into opportunity and eventually investment.
How Korea will benefit from Kenya and Africa
The president cited the dynamic and skillful workforce in Kenya and across Africa and natural resources, which remains untapped.
“The continent’s assets include a dynamic youthful and skilled population, abundant arable land, huge renewable energy reserves and vast mineral resources,” he said.
Ruto emphasised on the robust partnership between Korea and the African continent in creating opportunities for economic growth.
He said there was much that needed to be achieved including creation of job opportunities, achievement of food security and enhancement of science, technology and health security across the continent.
The Korea-Africa Summit drew delegations from 48 African countries and focused on expanding trade and cooperation in areas encompassing critical minerals, development aid, infrastructure and digital transformation.
Ruto left the country on Sunday, June 2, to attend the summit which began on Monday, June 3, 2024.
