The governments of Kenya and South Korea today strengthened the cordial bilateral relations existing between the two countries, a move that will see the two countries negotiate tariff reduction on coffee and market access of fresh avocado from Kenya.
The Cabinet Secretary for Industrialization, Trade and Enterprise Development Betty Maina said that trade between Kenya and South Korea has shown a steady growth in recent years, from 2008 to 2020 of Sh 18.1 billion to Sh 22.82 billion respectively, depicting a 169.42 per cent growth in the 13 years.
The CS who was speaking today at the National Social Security Fund (NSSF) Building during a media briefing on Kenya’s participation in the Seoul Expo 2021 said Kenya was privileged to participate in the just concluded Coffee Expo as the guest country, which she said had allowed the country an opportunity as the lead exhibitor to showcase Kenyan products.
She said the main goal of Kenya- South Korea mission was to strengthen trade relations between the two countries, as well as use the Coffee Expo Seoul 2021 as a platform to engage the Korean government and the private sector in the coffee industry and beyond.
The CS announced that various Korean companies have shown interest in investing in Kenya, especially in the Information, Technology and Special Economic Zones sectors.
She said that there is interest for orders of up to ten to eleven tonnes of coffee of which the ministry is making follow-ups and linkages.
Over the years, South Korea has emerged as a formidable niche coffee market, as evidenced by the growth statistics of its consumption, now ranked the 11th largest coffee consuming market globally.
Moreover, South Koreans are now amongst the top consumers of coffee with over 110,000 coffee cafes and an annual consumption rate of 512 cups per capita.
By Hamdi Mohamud and Grace Brightus