Nigeria and Korea have reaffirmed their commitment to strengthening bilateral economic ties, with a focus on trade, investment, and economic cooperation.
The Korean Ambassador to Nigeria, Mr. Kim Pankyu, made this known at a news conference marking the 45th anniversary of diplomatic relations between Korea and Nigeria.
According to Ambassador Pankyu, bilateral trade between Nigeria and Korea has increased significantly, reaching $2.2 billion in 2021. This represents a 38.6% increase from the previous year. The ambassador attributed the growth to the favorable investment environment in Nigeria, which has attracted many Korean companies.
Ambassador Pankyu highlighted several areas of economic cooperation between Nigeria and Korea, including:
- Infrastructure Development: Korea has provided significant support for infrastructure development in Nigeria, including the construction of roads, bridges, and power plants.
- Agricultural Development: Korea has assisted Nigeria in developing its agricultural sector, including the provision of technical assistance and equipment.
- Human Resource Development: Korea has provided scholarships and training programs for Nigerian students and professionals.
Ambassador Pankyu emphasized the importance of cultural exchange in strengthening bilateral relations between the two countries. He highlighted several cultural exchange programs, including: - Cultural Center:The Korean Cultural Center in Abuja promotes Korean culture and provides a platform for cultural exchange between the two countries.
- Korean Day: The Korean Embassy in Nigeria organizes an annual Korean Day event, which showcases Korean culture, food, and music.
Ambassador Pankyu expressed optimism about the future prospects of bilateral relations between the two countries. He highlighted several areas of potential cooperation, including:
- Renewable Energy: Korea has expertise in renewable energy, which could be beneficial to Nigeria’s efforts to diversify its energy mix.
- Information and Communication Technology (ICT): Korea is a leader in ICT, and could provide significant support to Nigeria’s efforts to develop its ICT sector.
The strengthening of bilateral economic ties between Nigeria and Korea is a positive development for both countries. With a focus on trade, investment, and economic cooperation, the two countries can work together to promote economic growth and development.