Kenya is seeking Sh978 million from South Korea to fund its plan to grow exports by linking local producers to new markets and expanding the range of products and services the country sells to external buyers.
The Ministry of Industrialisation, Enterprise and Trade has made proposals to Korea Trade and investment agency (Kotra) to finance the integrated national export development and promotion strategy (INEDPS), which was launched in 2018 with a view to expand the country’s trade.
The plan involves identification and expansion of new markets for about 60 percent of manufactured products, in the country’s quest for wealth and job creation through exports.
“Through its value chain approach, the INEDPS strategy links all target export products and services from their productive stage to their identified markets,” said the ministry’s assistant director of trade Musa Okwemba.
The sectors that have been prioritised for export development under the strategy include manufacturing, Information and Communication Technology (ICT).
Destination markets for Kenya’s exports have remained narrow, with only 13 countries accounting for over 70 percent total exports.
The product base has equally been narrow, with five broad categories of products accounting for 56 percent of total exports.