Kenya, S. Korea seek to mitigate trade imbalance, improve ties

Kenyan President Uhuru Kenyatta said Tuesday there has been steady growth in volume of trade between the two countries, however there is a trade imbalance in favour of South Korea.

Speaking during talks with visiting South Korean President Park Geun-hye, Kenyatta said the gap can be reduced by allowing more Kenyan products to access the Korean market.

"These include cut flowers, coffee, black tea, and fresh produce such as mangoes, avocados, pineapples among others, which are world class products and are traded in international markets. We believe that an increase of exports would improve trade relations between our countries," he said.

According to data provided by South Korean customs authorities, South Korea's exports to Kenya stood at 256.5 million U.S. dollars last year, compared to 28.3 million U.S. dollars in imports from Kenya.

Kenyatta noted that the government is eager to enter a Memorandum of Understanding of cooperation in electric power and nuclear energy development with South Korea, which is already training 14 Kenyan students at the Kepco International Nuclear Graduate School.

To date, said the Kenyan leader, investment in the energy sector, particularly by South Korean companies has enhanced Kenya's generation of power.

Speaking during the meeting, visiting South Korean president said her government will help Kenya achieve its vision 2030 by increasing trade and business investment.

President Park said her government will consult quarantine authorities and agree on what needs to be done on importation of horticultural and other agricultural products.

She said South Korean firms are keen in participating on the Lamu Port, South Sudan, Ethiopia Transport (LAPSSET) and Vision 2030 projects so as to support Kenya achieve its development agenda.

A statement issued after the bilateral talks said the two leaders urged the relevant ministries and government agencies involved to speed up the process of implementing pacts signed in order to deepen the existing bilateral relations.

President Kenyatta said there is need for the two governments to consolidate their partnership in priority areas of cooperation such as energy, integrated rural, urban development and human development.

He said the priority areas allow for collaboration in energy, transport, ICT, agriculture, education and science and technology projects.

Kenyatta said Kenya has a lot to learn from the South Korean expertise and experiences as this will help the country to successfully implement its national development priorities based on the Kenya Vision 2030 blueprint. Endit