Kenya and South Korea signed a $485 million (Sh63 billion) concessional development funding on the sidelines of the Korea-Africa Summit.
This includes $238 million (Sh30 billion) for the implementation of the Konza Digital Media City Project.
President William Ruto said the project will boost the country’s digital ecosystem, a key government initiative aimed at expanding digital and creative economy opportunities for the young people of Kenya, at the Konza Technopolis.
“This project will provide an excellent digital media and entertainment ecosystem for research, training and the propagation of new technologies,” he said.
He commended Korea for the Economic Innovation Partnership Programme, which further supports Konza Technopolis.
He made the remarks on Tuesday during talks with President Yoon Suk Yeol of Korea on the sidelines of the Korea-Africa Summit at the Korea International Exhibition Centre in Goyang, on the outskirts of Seoul.
Ruto thanked President Yoon for Korea’s support in establishing the Kenya Advanced Institute of Science and Technology (KENYA-AIST), modelled after the Korea Advanced Institute of Science and Technology, an institution pivotal in Korea’s economic transformation.
He said Kenya-AIST is nearing completion and will be unveiled later this year. He invited President Yoon to Kenya during the official opening of the institute.
Ruto at the same time on Tuesday addressed the inaugural Korea Africa Summit and underscored the critical role Korea can play in the transformation of Africa.
He said Africa is keen on exploring robust partnerships with Korean investors to turn Africa’s enormous potential into opportunity and investment that will create jobs and foster economic growth.
He pointed out that Africa’s assets, including a dynamic youthful and skilled population, abundant arable land, huge renewable energy reserves and vast mineral resources, are yet to be fully exploited.
He said Africa has identified food security, science and technology, peace and security, and health security as the key areas of cooperation with Korea.
“This summit demonstrates a resolve to elevate this relationship and mobilise political will needed for Africa and Korea to prosper together through mutually beneficial collaborations. To do this, we must leverage on our complementarities and implement win-win strategies on the basis of equal partnership,” he said.
The summit, whose theme is The Future We Make Together: Shared Growth, Sustainability and Solidarity, was hosted by Yeol at the Korea International Exhibition Centre in Goyang.
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