Korea, Nigeria To Strengthen Trade, Investment Ties – Pankyu

The Ambassador of the Republic of Korea, Kim Pankyu, has outlined trade and investment opportunities aimed at strengthening the bilateral relationship between Korea and Nigeria.

Ambassador Pankyu emphasized that Nigeria remains Korea’s most important trade and investment partner in Africa, accounting for 10% of Korea-Africa trade and over 70% of Korea’s project contracts on the continent.

He noted that in 2024, “our bilateral trade increased by 38.6%, reaching over $2.2 billion, reflecting our strong economic partnership,” Pankyu stated. He cited the example of Korean biotech company SD Biosensors, whose HIV rapid test kit has been approved for packaging in Nigeria.

He highlighted two key agreements, and these agreements will mark a new chapter in economic relations with Nigeria, stressing the need for investment-friendly policies in Nigeria to attract more Korean businesses.

He said measures such as preferential tariffs and tax incentives will encourage more Korean companies to invest in Nigeria, benefiting both economies.

Ambassador Pankyu also expressed Korea’s commitment to enhancing security cooperation, particularly in maritime security within the Gulf of Guinea.

“With 40 years of experience in military and security affairs, I am committed to strengthening security collaboration between our two nations,” he said.

He further highlighted that several Korean merchant ships pass through the Gulf of Guinea daily, and around 40 Korean fishing vessels operate in the region. Korea is committed to increasing its support for capacity building in Nigeria’s military and security sectors.

Additionally, Korea hopes to finalize defence and defence industry cooperation agreements that have been under discussion for some time.

Reflecting on diplomatic achievements, Pankyu recalled the first-ever Korea-Africa Summit in June 2024, where Nigeria played an active role.

He noted meetings between Korea and Nigerian ministers of foreign affairs, Trade, and Tourism, Nigeria’s participation in the Korea-Africa Business Summit, and forums on ICT, health, tourism, and energy.

“This was a major step in fostering inclusiveness and cooperation between Korea and African countries,” he noted.

He further emphasizes that the Korean Embassy is actively supporting cultural and educational initiatives in Nigeria through the opening of the Korean-Nigerian Information Access Center in Abuja to boost Nigeria’s digital capacity and the $13 million KOICA project to promote digital governance and multimedia learning in Nigerian primary schools.

He said the Global Korean Scholarship (GKS) programme, which has supported Nigerian students since 2009, is also expanding.

“In 2024, we established a GKS alumni network to build strong connections among 90 Nigerian graduates who studied in Korea,” he said, emphasizing the programme’s role in developing Nigeria’s human capital.

“Our partnership will continue to grow with the finalization of key agreements, including the Double Taxation Avoidance Agreement and the TIPF MOU,” he said.

He called on the Nigerian government to support Korean investors, particularly in industries such as shipbuilding, agriculture, and technology.

“As Ambassador, I will continue to facilitate stronger diplomatic and economic ties between our two great nations,” he added.