Kenya, South Korea sign multi-million dollar agreements

By Magdalene Mukami

NAIROBI, Kenya

Kenya and South Korea Tuesday signed multi-billion dollar cooperation agreements in such areas as technology, industry, health, and energy, during South Korean President Park Geun-Hye’s visit to the East African country.

The deals were signed around Park’s meetings with Kenyan President Uhuru Kenyatta.

A statement from Nairobi’s State House said Kenya had signed pacts with South Korea which will help it become an economic, industrial, and technological powerhouse in the region.

“In one of the pacts, the Korea Export-Import Bank will pump an initial Kenya shillings 5 billion [$50 million] to support the agricultural sector to improve Kenya’s food security,” the statement said.

Other deals inked in Nairobi include ones on cooperation in science and technology, e-government, industry, trade and investment, health, innovation, and nuclear energy development.

Park also signed a deal with Kenya’s Education Cabinet Secretary Fred Matiang’I on the establishment of a South Korean University estimated to be worth $10 million.

Park is on a three-day visit to Kenya to boost bilateral trade ties along with a delegation of 200 government officials and businessmen.

According to Kenyatta, trade between Kenya and South Korea in 2014 stood at Kenya shillings 29.10 billion ($288 million).

Kenyatta also said that Kenya is deeply concerned by the nuclear tests carried out by North Korea this January and the launch of a space rocket in February.

"We condemn such provocative acts that will invariably lead to further tensions in the region," the Kenyan leader said.

As Park concludes her trip to Kenya on Wednesday, Turkish President Recep Tayyip Erdogan will also kick off his own visit, where according to the Kenyan Foreign Ministry, he is set to explore investment opportunities for Turkish companies in the East African nation.