Korea Seeks Expanded Economic Partnership With Nigeria

South Korea has called for the expansion of relations with Nigeria in the areas of economic partnership, security cooperation in the Gulf of Guinea, agriculture and people-to-people exchanges.

At a press conference with the media, Ambassador Kim Pankyu, who recently resumed office as Ambassador of South Korea to Nigeria, said while diplomatic relations between both countries within the past 34 years had seen Nigeria become one of Korea’s top five trader partners, more can be done to enhance trade relations between Nigeria and his country.

He said while several Korean companies are interested in investing in the Nigerian market, challenges such as double taxation, profit repatriation remain.

The envoy said the upcoming Korea Africa Summit is a platform for the Nigerian government to share solutions on ground to assure Korean businesses of the improving environment in Nigeria.

Addressing Korea’s interest in enhancing security cooperation with Nigeria and in the Gulf of Guinea, Pankyu said Korea would expand ongoing capacity building and security training of Nigerian military and security officers.

On maritime security, he said  security in  the Gulf of Guinea is crucial not only for Nigeria’s coastal communities but also countries such as Korea that traverse the region. Hence, Korea’s donation of a patrol ship to Nigeria, scheduled to arrive in the country in a few months.

“I believe counter-terrorism courses and training programmes are useful for Nigerian officers,” Pankyu who spent years serving in the Korean military, said

“I will explore ways to help the Nigerian government equip its security institutions,” he said, adding that agriculture, which is a major area of focus for the Nigerian government, would attract attention.

The ambassador said Nigeria is currently in talks with Korea to join the Korea Rice Belt Initiative. This initiative aims to support African countries in improving their self-sufficiency in rice farming and production, through the provision of varieties of rice, seed supply, and technical training support. Ten African countries have signed an MoU to the project.

“Nigeria’s joining of this project when realized will surely contribute to the growth of Nigeria’s agricultural sector.”

On strengthening people to people relations between Nigerians and Koreans, Mr Pankyu while commending the role of the Korea Culture Centre Nigeria (KCCN) in enabling Nigerians experience Korean culture, his administration will towards providing for Nigerians to do so, in addition to expanding opportunities for Nigerian students to study in Korea, and work in Korea.

Korea-Africa Summit will hold June 4 to 5, 2024 in Seoul, South Korea.