South Korea has closer economic ties with Kenya

(Yonhap)

South Korea said Friday it was trying to build closer economic ties with Kenya in line with its efforts to diversify its trading portfolio and penetrate deeper into the African market.

According to the Ministry of Commerce, Industry and Energy, Vice Industry Minister Park Jin-kyu met his Kenyan counterpart Betty Maina in Seoul to discuss a wide range of economic issues.

During the meeting, Park said that South Korea would like to expand its presence in Kenya’s consumer goods and bio-health segments as the introduction of the African continental free trade area is expected to accelerate the continent’s economic growth.

Trade between South Korea and Kenya stood at $ 257 million in 2020, 32 percent more than the previous year, according to data compiled by the Korea International Trade Association.

South Korea mainly supplied steel, synthetic resin, and other chemical products to the African nation. In return, Asia’s No. 4 economy imported not only copper goods but also food, including coffee products. (Yonhap)

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