Kenya and South Korea launched the first-ever organization dedicated to upgrading commercial ties between the East African nation and Asia’s fourth-largest economy.

Key South Korean business leaders met with Kenyan Ambassador Ngovi Kitau in a launch ceremony in southern Seoul on Feb. 27

The Kenya-Korea Economic Forum will include 17 South Korean business leaders, such as Shinn Tae-yong, chairman of Korea Importers Association (KOIMA), and Chung Kun-mo, a member of Kenya’s National Economic and Social Council and adviser to the Kenyan government.

“The bilateral relationship has taken a giant step forward. This is the day the Korean private sector came on board in full force and this is the team that will spearhead trade and investments between Kenya and Korea,” Kitau said.

The Kenyan envoy said that the participation of members of KOIMA is crucial, as the organization has over 8,500 member companies and handles some 75 percent of all Korean imports.

South Korean imports totaled some $516 billion in 2013, but Kenya’s share of that amounted to just $30 million.

Kitau estimates that there are 325 products imported into South Korea, totaling approximately $111 billion, which could have been sourced from the East African country.

“With the launch of this forum, the situation is now going to change and Koreans will get a better value for their money so that they can truly enter an era of happiness,” he said.

By Philip Iglauer (ephilip2011@heraldcorp.com)