Several Korean Firms Have Expressed Interest in Investing in the Country
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Several Korean companies have shown interest in investing in Kenya by capitalizing on the ongoing advancements in technology.
The Korea Trade Development Agency (KOTRA) reports that three Korean companies have signed Memorandums of Understanding (MoUs) with Kenyan companies. Examples include Korea GT making a deal with SONVAR Chemicals, POQUTEC partnering with Regal Equipment, and SJ Chemical aligning with Kenyan businesses Business Enterprises (PABE) and Kleos Flooring. All three of these Korean companies aim to improve their business connections with their Kenyan counterparts, amongst fifteen other participants at the Korean Pavilion. The head of KOTRA, Eom Ikhyun, shared this update.
Moreover, the Korean companies have committed to backing Kenya's ambition to transform into the foremost digital and ICT hub of East Africa. In his speech at the launch of the Korean Pavilion during Kenya's 2023 BIG 5 Construction Roadshow, Ikhyun emphasized that these entities have released innovative solutions that establish the groundwork for forthcoming intelligent and sustainable cities. The technologies introduced are comprehensive and include methods such as smart construction oversight systems, energy efficiency systems, mechanisms to enhance traffic safety and water purification systems.
The integration of these technologies within Kenya's KONZA Technopolis will serve as a prime example of the exceptional standards set by smart cities throughout Africa. Several notable companies, including Hansol Homedeco, Jchem, SP Solled, Raum Architecture, Kevin Lab, Samsung, Kumkang Kind, Posco International, Geogrid, Teraenergy, and Wise-Bridge, among others, will be highlighted in this endeavour. For more than ten years, the Korean government has collaborated with the Kenyan government to propel digital and ICT initiatives in the country. Korean companies are actively contributing to the advancement of the Konza Development Authority and Konza Smart City.
Kenya has set out plans to establish itself as a prominent centre for digital and ICT innovation, specifically within the East African region. To work towards this goal and support the expansion of the Konza Smart City, the Korean government has taken steps utilizing the Economic Development Experience Sharing Project (KSP) and Economic Innovation Partnership Program (EIPP), in addition to operating a centre for cooperation aimed at developing smart cities. Recently, Ambassador YEO Sungjun from the South Korean Embassy announced that the EIPP project's second phase concluded successfully this past September.