President Ruto’s Korea Visit To Secure Ksh.40B For Creative Economy
President Ruto will depart the nation on Sunday night to travel to Seoul, South Korea, for the Korea-Africa Summit, according to a statement released on Sunday by State House Spokesman Hussein Mohamed.
Africa and Korea are anticipated to address subjects of mutual interest, including infrastructure development, industrialization, trade promotion, and job creation, during the summit.
The State House reports that the conversation will also cover the response to climate change, agricultural productivity, and the switch to carbon-free energy.
“The discussions will also encompass agricultural productivity, climate change response, and transitioning to carbon-free energy,” clarified the Sunday statement from State House.
“These subjects resonate with President Ruto’s responsibilities as the African Union Champion for Institutional Reform and the Chair of the Committee of African Heads of State and Government on Climate Change.”
Throughout his visit, President Ruto will engage in bilateral talks with President Yoon Suk Yeol to review the progress of the Kshs 132 billion Framework Arrangement partnership, established during his previous visit in November 2022.”
President Ruto, recently returning from a successful visit to the United States where he secured Ksh.52 billion in deals across governmental and private sectors, is poised to ink agreements totaling Kshs 40 billion to bolster Kenya’s creative economy during his journey to Korea.
According to State House, the trip will also net around Ksh. 25 billion for water and irrigation projects.
“This partnership prioritizes critical sectors such as water and irrigation, agriculture, infrastructure, and the creative economy,” the media statement highlights.
“Contracts valued at Kshs 40 billion will be finalized to stimulate growth in Kenya’s creative economy sector, alongside Kshs 25 billion allocated for water and irrigation projects.”
The visit will witness the signing of multiple memorandums of understanding aimed at enhancing collaboration and partnerships in health, agriculture, and information and communication technology, among others.
“Kenya will collaborate closely with South Korea to explore technological opportunities, including advancements in its semiconductor industry,” as confirmed by State House.
In a significant stride towards vaccine development, Kenya is poised to join the International Vaccine Institute (IVI) to further its vaccine manufacturing objectives.
Moreover, Kenya and South Korea are expected to conclude negotiations on a Labour Migration Programme during the trip, potentially positioning Kenya as one of the select African nations approved for labor supply under South Korea’s Employment Permit System (EPS) Programme.
The journey is also anticipated to pave the way for discussions regarding an Economic Partnership Agreement (EPA) between Kenya and South Korea.
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President Ruto’s Korea Visit To Secure Ksh.40B For Creative Economy
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