Kenya positions itself as investment destination for first Korea-Africa summit

Preparations for the inaugural Korea-Africa Summit scheduled to take place on June 4 and 5, 2024 are in top gear.  The Summit seeks to establish a new cooperation framework, which will pave the way for Korea to invest in Africa.

Kenya has jumped ahead in the scramble for Korean investors by marketing itself as a top investment destination at a pre-summit conference in Seoul two weeks before the Korea-Africa Summit.

The country will pursue Trade and Investment Promotion Frameworks (TIPFs), Economic Partnership Agreements (EPAs), and other agreements with African countries to expand economic cooperation and establish a foundation for trade collaboration.

It will offer Korean investors the opportunity to explore market entry strategies into Africa and enhance their understanding of cooperation measures, particularly in light of the full implementation of the African Continental Free Trade Area (AfCFTA) agreement.

Leaders from all the 54 African countries are expected to attend the Summit that will enhance trade between Korea and Africa which currently accounts for only three percent of Korean exports and 1 percent of imports.

The East Asian nation is exploring areas of cooperation with African countries across all sectors, including infrastructure, agriculture, healthcare, technology, energy and social development.

Kenya is, however, not waiting for the Summit and has started wooing Korean investors on its own.

Kenya’s ambassador to Korea Prof. Emmy Kipsoi told an investment conference on Friday that Nairobi is open for business.

“We are the most stable democracy in East Africa founded on the rule of law which provides a predictable and safe environment for investments,” said the ambassador.

“On a pure dollar basis, Kenya receives more venture capital than any other country on the continent, dramatically outperforming other leading countries, including Nigeria, Egypt, and South Africa, when scaled to their respective gross domestic products.”

The pre-summit conference which showcased Kenya’s potential to Korean investors was organised by Seoul law firm Jipyong LLC and Nairobi-based legal firm G&A Advocates LLP.

The two law firms entered into a collaboration arrangement in April in order to support Korean companies interested in entering the African market. Additionally, the partnership will provide support for African companies seeking to do business in South Korea and in the larger Asian region.

“Kenya has a raft of investment promotion laws with attractive features such as fiscal and non-fiscal benefits, multiple dispute resolution mechanisms including specialised dispute bodies, and policy fostering an open economy and trade liberalization,” G&A’s partner and Head of Corporate, Commercial Sylvia Kithinji told Korean investors at the seminar in Seoul.

“Necessary protections exist in law and select bilateral agreements to safeguard against key threats to investment such as expropriation, double taxation, monopolies, infringement of intellectual property rights.”

Jiopyong LLC which used the event to ramp up support for Kenya as an investment hub for Korean investors said Nairobi has made concerted trade and investment policies which makes it attractive.

“The government’s medium-term economic growth plan focused on spurring industrialisation has driven demand for infrastructure and offered a strong foundation for the emergence of promising sectors including construction, manufacturing, healthcare and green energy,” said Min Chung, Jipyong’s Group Leader of Business Intelligence.

Kenya is already a hub for several Korean companies like Samsung Electronics, Hyundai, Daewoo and Korea Telecom. Nairobi, however, wants to use the summit to ramp up more foreign direct investments from Seoul.

Kenya’s main exports to Korea include coffee, titanium ore, and scrap copper among others. Kenya imports include iron and steel, organic chemicals, machinery, nuclear reactors, boilers, and manmade staple fibres, among others.

Kenya and South Korea have enjoyed strong bilateral ties over the years, especially on trade. According to the Kenya Economic Survey 2023, the value of imports from South Korea increased from Sh22.3 billion in 2021 to Sh50.2 billion in 2022, mainly due to increased imports of kerosene-type jet fuel. Exports equally increased to Sh6.1 billion, from Sh3.9 billion.

Last year, the two countries pledged to continue to nurture and expand ties aimed at contributing to socio-economic development through the creation of a free trade agreement.

AM Live

AM Live is NTV's morning current affairs show that sets the agenda for the day with insightful panels every weekday.

BNX

Business Redefined

Business Redefined is Kenya’s premier thought leadership platform for unpacking matters regarding economic and finance policy as well demystifying complex developments in the region’s capital markets.

Entertainment

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Full Episodes

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Gumzo La Sato

Gumzo La Sato is a live social issues show that aims to create awareness about issues affecting the larger society. The discussions range from Parenting, Marital bliss and struggles, Oppression, violence, and all matters of the Heart.

Health Diary

Health Diary is a weekly show that highlights different types of diseases/conditions and seeks ways to prevent, treat/manage them. The show debunks this through real life stories and also feature specialists in different fields, to offer medical advice on the same.

Letter To My Younger Self

Letter To My Younger Self is a podcast where guests get to write a letter to their younger self, from which Maxine formulates questions to ask them during the hour-long show.

Mazao Talks

Mazao looks at agriculture and agribusiness

Nation Reports

Nation Reports is a weekly podcast offers an opportunity for listeners to interact with various reporters and journey with them as they unravel the biggest most emotive stories.

One Health Lens Podcast

Discussing health matters and human stories from Kenya and across Africa. We talk big picture from people to policy, ecosystems, and everything in between. Follow us on LinkedIn: https://www.linkedin.com/company/onehealthlens

Paradise Lost

Paradise Lost peeks through the story of Louis Otieno, the times, and everything in between.

Podcasts

Podcasts

Speaking of GEN Z

Speaking of Gen Z brings you entertaining but meaningful conversations about a generation that is trying to navigate through adulthood. Join hosts Michelle, Jackie and Esther as they unravel all things Gen Z.

Sport On

Sport-On is a 30-minute sports magazine show on NTV and 3 hours on NATION FM. The show seeks to give the sports “fanatics” and “funatics” comprehensive and in-depth coverage of sports both locally and internationally.

Tech-over

The extent of technological growth is beyond mere acknowledgment; it has seamlessly integrated into our daily existence. A few years ago, the notion of paying electricity bills through mobile money or recharging with 'tokens' in Kenya seemed inconceivable. Online product sales were considered distant, and artificial intelligence is rapidly reshaping various facets of our lives. Amidst these technological leaps, those with a solid understanding of tech can navigate challenges, seize opportunities, and build a sustainable livelihood. Tech over Show aims to be the platform facilitating discussions among thought leaders, innovators, tech companies, and the government, addressing challenges and opportunities in Kenya's thriving tech industry.

Thamani

Thamani is a business show which is dedicated to emerging issues regarding micro, small and medium size businesses.

The Politalk podcast

This is The Politalk podcast. Here we look into the ins and outs of everything Kenyan politics. We pull no punches and have no reason to sugarcoat anything that matters to Kenyans.

The Trend

A two-hour-long live show that airs on Fridays. The show focuses on what is current in the entertainment industry, controversial and popular across all media platforms targeting those aged between 25 and 35 years.

The trend podcast

The trend podcast highlights and captures the best of banter from #TTTT segment that airs every Friday on NTV. It's the TTTT EXTRA

The Wicked Edition

The Wicked Edition with Dr. King’ori seeks to address serious issues through humour and relatable wit. It is a two-part half hour show filmed in front of a live audience

Trending

A collection of our premium content. Diam curabitur vehicula A collection of our premium content. Diam curabitur vehicula

Twende

Twende is a travel show that highlights beautiful, unique, diverse locations, people, and cultures. The show offers fresh perspectives on familiar locations and memorable experiences in new ones.

Unscripted

This Saturday evening lifestyle show lets viewers share their stories and life experiences as openly & honestly for the purpose of shifting the culture of silence.

VIP Access

VIP ACCESS is Anyiko Owoko’s YouTube and podcast show on Music and Culture dedicated to promoting Africa’s most promising talent and creatives. This podcast grants you VIP access into timeless interviews while providing a platform for rising as well as established artists across the continent. Since launching in 2018, Anyiko has interviewed over 70 African music stars.

WADR

This weekly news show aims to have all sides of debate but not be constrained by it, listen to main voices in the contest but not allow them to hold the viewers hostage, entertain debate but allow push back with all due respect.

When death do us part

In this podcast, three widowers openly speak about the process of grief, how they found themselves exposed to the emotional turmoil of losing their wives, and how society still does not know how to deal with them.

Your World

Your World is a health, wellness and variety show. It provides a platform for audiences and experts to share their experiences on how to improve or manage health issues, across Kenya and the Africa region.