Nigeria and South Korea Explore Trade and Investment Expansion in High-Level Meeting
Nigeria’s President, Bola Tinubu, recently engaged in a high-level meeting with the South Korean Special Envoy, Mr. Won Hee-Ryong.
This diplomatic rendezvous aimed to explore avenues for rapidly expanding trade and investment ties between the two nations.
The meeting, held at the State House in Abuja, was a continuation of productive discussions initiated during the G-20 Leaders’ Summit in New Delhi, India, between President Tinubu and South Korean President Yoon Suk Yeol.
President Tinubu expressed his appreciation for the progress made in implementing the commitments made during his prior discussions with President Yoon in India.
These commitments were centred on reinforcing the economic and technological partnership frameworks between Nigeria and South Korea.
Tinubu stated, “I am encouraged that your President acknowledged these requests and emphasised the importance of Nigeria in the African context by sending you as a Special Envoy. Rest assured, we are committed to providing the necessary support to bolster the bilateral relationship that has flourished over the years.”
With a keen interest in increasing South Korean involvement in Nigeria’s extensive, multi-modal transportation system transformation, President Tinubu stressed the need for more substantial South Korean investments in local industries.
These investments would not only facilitate youth employment but also enable technology transfer. Nigeria is eager to study and emulate South Korea’s national transportation system, and President Tinubu views this project as a vital opportunity for productive collaboration and the growth of a dynamic business partnership.
President Tinubu emphasised Nigeria’s status as the largest economy in Africa, boasting a youthful, energetic population eager to drive change.
He committed to eliminating any obstacles that could hinder the flow of investments between the two nations.
The South Korean Special Envoy delivered a letter from President Yoon to President Tinubu. The letter outlined President Yoon’s directives to South Korea’s ministries for the diligent implementation of significant projects discussed during their G-20 Summit meeting.
This included the finalisation of the Trade and Investment Promotion Framework (TIPF) between the two countries.
Additionally, the Special Envoy extended an invitation to President Tinubu to attend the Africa-Korea Summit scheduled for June 4–5, 2024, in Seoul.
South Korea is also seeking Nigeria’s support for its bid to host Expo 2030 in Busan, South Korea, highlighting the depth of their diplomatic interactions.
Source: Arise News
