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  • News - North Central - FCT
  • Updated: April 20, 2024

Tinubu advocates stronger investment ties with South Korea

Tinubu advocates stronger investment ties with South Korea

President Bola Tinubu emphasized that Nigeria's investment climate has been significantly enhanced by recent critical reforms, presenting a myriad of opportunities across various sectors for investors. 

His remarks came during the presentation of credentials by the Ambassador of the Republic of Korea to Nigeria, Vice-Admiral Kim Pan Kyu, at the State House.

Tinubu underscored Nigeria's status as a substantial market for Korean products, particularly those manufactured and produced within Nigeria. 

He also stressed the reciprocal benefits of Nigerian goods accessing the Korean market. 

Also, he encouraged more South Korean companies to capitalize on these opportunities by establishing production bases in Nigeria, citing the country's promising economic outlook.

He said, “I am glad that you have a very good knowledge of Nigeria and appreciate the role of our country in Africa. Our doors are open for economic opportunities and trade, and I acknowledge that several South Korean companies and products are firmly entrenched in the Nigerian market. Nigerians appreciate South Korean technology, and Nigerian products can also be beneficial to South Korean markets.

"You need to bring more of your companies and manufacturing plants here. We have everything your industries require to excel as we progress over the near-term. We can partner on skill development and the systematic transfer of knowledge to further empower our country’s innovative youth population. We have investment opportunities in the solid mineral sector and other areas, and cooperation in these areas will strengthen our bilateral relations.”

Recounting his discussions with President Yoon Suk Yeol during the G20 Summit, in New Delhi, in 2023, and their mutual commitment to strengthen cooperation, Tinubu pledged to build on the outcome of that meeting to further expand bilateral ties.

He welcomed an invitation from President Yoon to attend the first-ever South Korea-Africa Summit from June 4 to June 5, in Seoul, South Korea.

The President directed Nigeria’s Ministry of Foreign Affairs to keep him abreast of the event.

Ambassador Kim underscored Tinubu’s pivotal role as the Chairman of ECOWAS Authority of Heads of State and Government and leader of Africa’s largest economy, population, and democracy.

He noted the importance of Nigeria’s participation at the highest level at the summit to enhance bilateral relations while also creating a future of prosperity for Africa and South Korea as genuine partners in progress.

“Your Excellency’s visit to South Korea for the Summit will provide an excellent opportunity to strengthen the relations between the two nations,’’ the Ambassador said, after reading a formal invitation from President Yoon.

Earlier, Tinubu also received letters of credence from Ambassador Antit Mohsen of Tunisia and High Commissioner Muhali Imbuwa of Zambia.

At the separate events, the President emphasised the need to strengthen African unity and brotherhood that not only creates economic opportunities but also works toward eliminating conflicts across the continent.

Speaking with the High Commissioner of Zambia, the President said African unity and cooperation were important if the continent must overcome perennial conflict.

“We are ready to explore more areas of cooperation that promote African brotherhood and ensure sustainable growth across different sectors and provide economic opportunities for our citizens. Our doors are open, and do not hesitate to bring any challenges you may have in the course of your duty to the Ministry of Foreign Affairs,’’ the President told the Zambian High Commissioner.

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