South Korea takes on Asian giants China and Japan in race for lucrative Kenya deals
South Korea PM will lead a high-level business delegation to Nairobi for a three-day visit
The delegation is expected in the country on July 19 and will comprise executives from Korean giants such as Samsung and Hyundai, the South Korean Embassy in Nairobi said.
Mr Nak will meet President Uhuru Kenyatta and visit the Nairobi regional offices of Samsung, LG and Hyundai.
The visit sees South Korea join other Asian economic giants such as China and Japan in their growing quest to cement ties with East Africa’s largest economy.
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Property development
China, for instance, has for the past few years tightened its grip on Kenya’s economy with heavy civil works and property development running into billions of shillings.
The PM's visit comes barely three weeks after Singapore’s Deputy Prime Minister Tharman Shanmugaratnam led his country’s top business executives to Nairobi on a deal hunting mission.
In May 2016, former South Korean President Park Geun-Hye made a two-day visit in Nairobi that resulted in the signing of several bilateral pacts.
Kenya imported Sh17.6 billion worth of goods from Korea last year compared to Sh2.4 billion that Nairobi sold to Seoul.
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Korea's imports to Kenya are the fifth largest from Asia, behind China, India, Indonesia and Japan.
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