Abbas Seeks Korea’s Investment In Energy, Mining Sectors

The Speaker of the House of Representatives, Hon Abbas Tajudeen, has called for more trade and technological relationships between Nigeria and the Republic of South Korea, especially for more  in the energy and mining sectors.

Abbas made the call when a delegation from the South Korean Embassy to Nigeria and the 21st National Assembly of the Republic of South Korea visited him in his office in Abuja on Tuesday to seek Nigeria’s support for the Asian country’s World Expo 2023 hosting bid.

He expressed delight over the visit and noted the long-standing relations between Nigeria and South Korea resulting in different exchange of parliamentary programmes since Nigeria’s return to democracy in 1999.

The Speaker recalled that the 9th House established a Nigeria-South Korea Parliamentary Friendship Group to deepen exchange of ideas, legislative practices and procedure, as well as parliamentary exchange programmes for purposes of capacity development of members and staff.

He said: “There was a mutual understanding to initiate a treaty against double taxation on the businesses of both Nigeria and South Korea which, though passed by the National Assembly, was not assented to by the then President of Nigeria. The 10th House of Representatives will revisit the bill on double taxation to remove obstacles mitigating against smooth investments in both are countries.

“The 10th House has also reconstituted the Nigeria-Korea Friendship Group to broaden our parliamentary relations and promote mutual understanding and cooperation in the areas of capacity development and investments.

“With over 20 Korean companies in Nigeria, such as Samsung, LG and Daewoo, and investments worth over $2 billion, it is an enormous contribution to the economy of Nigeria. The recent Korean Government supply of a vessel to the Nigerian Navy confirms the deep mutual relations, which the 10th House will do everything to sustain.”

Abbas stated that the focus of the Nigerian Government and the 10th House was to strengthen the economic ties between Nigeria and South Korea “to achieve the Fourth Industrial Revolution in technology development and transfer.”

The Speaker called for increased collaboration between the parliaments of both countries to “strengthen areas that require legislative actions in our budding relations.”

Abbas also called for an increase in the promotion of business opportunities, including organising trade fairs and exhibitions, while encouraging Korean companies to invest in Nigeria’s mining sector, renewable energy, steel and the petroleum industry.

The Speaker further enjoined both countries to explore opportunities in enhancing cultural cooperation, including film and movies industry, to diversify the economy from oil and gas as the main source of foreign earning.

Abbas assured the Korean delegation of Nigeria’s support for the Asian country’s World Expo hosting bid.

Speaking earlier on behalf of the delegation, Hon. Hun-Seung, thanked Speaker Abbas for “welcoming us with open arms.”

The Korean lawmaker also congratulated Nigeria on the successful inauguration of President Bola Ahmed Tinubu.

“We have a purpose for this visit. The Speaker of the National Assembly of South Korea sent us to ask for your assistance to successfully host the World Expo in Korea,” he said.

Hun-Seung said the final vote on the hosting right for the global exhibition is coming up in September. “If you help us we will also help you,” he said, adding that he was looking forward to a strengthened collaboration between South Korea and Nigeria

He said Nigeria is South Korea’s largest trading partner on the African continent, noting that “Our economies are quite complementary with each other.”

Hun-Seung disclosed that President Bola Tinubu has been invited to the G20 meeting in New Delhi in September, saying the occasion would enable South Korea’s President Yoon Suk Yeol to interact with his Nigerian counterpart.