The Republic of Korean Ambassador to Nigeria, Mr Kim Pan-kyu, has said the trade relations between Nigeria and Korea have recorded a 50 per cent increase in the third quarter of 2024.
The envoy also disclosed that the rate of import between both countries have increased by 91 per cent with possibilities of more investments opening up to further boost trade relations.
Speaking at the 2024 Korea National Day reception in Abuja, Pan-kyu expressed optimism that the partnership between Nigeria and Korea would not only witness a massive boost, but it would be one of the most vibrant partnerships in Africa in the nearest future.
He said: “In June this year, my President hosted the first Korea-Africa Summit in Seoul, Honorable Minister of Foreign Affairs, Ambassador Yusuf Maitama Tuggar, and then Honorable Minister of Industry, Trade and Investment, Doctor Doris Uzoka-Anite, visited Seoul for this important event.
“In Seoul, they had a multiple meetings
not only with Korean government officials but also with many Korean businessmen and development experts.
“I am confident that these engagements will lead to further increase in economic exchanges between Korea and Nigeria.
“During the Korea-Africa Summit, my President announced that Korea would continue to expand official development assistance up to ten billion US dollars by 2030 as a catalyst for projects for cooperation with Africa.
“In addition, he committed to provide fourteen billion US dollars to Korean companies by 2030 to encourage their activities in Africa.
“I am happy to share the news that
recently an intra-governmental task force team has been composed to follow up on the economic partnership agreements made on the occasion of the Korea-Africa Summit.
“Since Nigeria is a leading economy and the biggest market in Africa I believe that the partnership between Korea and Nigeria will be one of the most vibrant ones in the years to come.
“In fact, we are already witnessing meaningful progress. During the third quarter of this year, the trade between Korea and Nigeria increased by fifty-five per cent.
“In particular, I would like to point out the fact that the import from Nigeria to Korea increased by ninety-one percent.
“I believe that this positive development will continue as more and more Koreans are interested in Nigeria and more and more Nigerians are interested in Korea.”
Excited with the level of acceptance Korean culture amongst Nigerians, Pan-kyu said, “When I first came to Abuja earlier this year, I was pleasantly surprised by Nigerian people’s
high interest in Korean culture such as Korean language, K-drama, K-pop and K-food.
According to him, there was a huge potential for cooperation between the two countries in the creative economy.
“I had an opportunity to observe K-food contest in Abuja and was deeply impressed by the Korean foods made by Nigerian chefs.
“When I observed Taekwondo championship in Abuja recently I had a feeling that in a few years the number of gold medals that Korean athletes win at the Olympics may decrease due to brilliant Nigerian athletes.
“My fellow Koreans may be disappointed, but as a former Korean ambassador to Nigeria I will be happy to watch that.
“I believe these kinds of cultural exchanges between our two countries will strengthen our bonds of friendship and mutual understanding.
Furthermore on Republic of Korea’s vision of advancing freedom peace and prosperity globally, the envoy sought the support of Nigeria given her expertise in promoting peace and stability.
“As one of the 10 elected members of the UN Security Council, Korea is stepping up its efforts to address these kinds of
challenges in cooperation with global partners.
“I believe Nigeria, a leader in promoting peace and stability in this region, is an important partner for Korea in this aspect as well, and look forward to closer coordination.”
