Country seeks 1B Trade Loan from Korea

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The Kenyan government through the Ministry of Trade is seeking Ksh978M from the Korea Trade Investment Promotion Agency (KOTRA) and the exchequer to help implement an integrated national export development and promotion strategy (INEDPS) – an initiative launched in 2018 to stimulate Kenya’s economic recovery through the optimization of country’s key economic sectors.

The Ministry of Trade has identified international trade as a major economic pillar toward realization of Vision 2030.

According to the ministry’s assistant director of trade Musa Okwemba, this initiative is key in helping government achieve vision 2030 whose short- and medium-term plans are key to spurring Kenya’s GDP growth up to 10 percent, 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’ economies 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,” he said.

Korean agencies at the center of the proposed funding are the Korea-Kenya Infrastructure Cooperation Centre, Korea International Cooperation Agency, and Korea Program on International Agriculture.

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