President Ruto's Korea visit to secure Ksh.40B for creative economy

During the summit, Africa and Korea are expected to discuss topics of mutual interest, such as trade promotion, industrialization, infrastructure development, and job creation. 

According to State House, the discussions will also address agricultural productivity, climate change response, and the transition to carbon-free energy. 

"The discussions will also cover agricultural productivity, climate change response, and transitioning to carbon-free energy," the Sunday statement from State House explained. 

"These topics align with President Ruto's roles as the African Union Champion for Institutional Reform and the Chair of the Committee of African Heads of State and Government on Climate Change."

During his visit, President Ruto will hold bilateral talks with President Yoon Suk Yeol to discuss the status of the Kshs 132 billion Framework Arrangement partnership, which was agreed upon during his previous visit in November 2022. 

President Ruto, fresh from a trip to the United States where he secured Ksh.52 billion in multiple deals spanning various governmental and private sectors, will sign agreements worth Kshs 40 billion to create opportunities in Kenya's creative economy during his trip to Korea. 

The trip, according  to State House, will also rake in some Ksh. 25 billion for for water and irrigation projects. 

"This partnership focuses on key projects including water and irrigation, agriculture, infrastructure, and the creative economy,"  the media statement reads in part. 

 "Agreements worth Kshs 40 billion will be concluded to create opportunities in Kenya's creative economy sector, and Kshs 25 billion for water and irrigation projects."

Several memorandums of understanding will be signed during the visit to strengthen partnerships and collaboration in health, agriculture, and information and communication technology, among other sectors. 

"Kenya will collaborate with South Korea to explore technology opportunities, including the development of its semiconductor industry," the State House said. 

In advancement on the vaccine front, Kenya is also set to join the International Vaccine Institute (IVI) to advance its vaccine manufacturing goals. 

During the trip, Kenya and South Korea are expected to finalise a Labour Migration Programme, which could make Kenya one of the few African countries approved for labour supply under South Korea's Employment Permit System (EPS) Programme.

The trip will also pave the way for negotiations between Kenya and South Korea on an Economic Partnership Agreement (EPA).