The Minister of Industry, Trade and Investment, Mr. Niyi Adebayo, yesterday expressed concern about the decrease in the volume of trade between Nigeria and South Korea.
According to him, trade between the two countries increased from $ 5 million in 2018 to $ 1.3 million in 2019.
Speaking when receiving South Korea’s Ambassador to Nigeria Kim Young-Chae in his office, Adebayo noted that the two countries have shared strong economic and investment ties with more than 20 companies. Korean companies, including Samsung and Hyundai Heavy Industries, currently operating in the country. .
He stressed the need for the South Korean Embassy, Federal Foreign Ministry and its ministry to work closely together to improve the volume of trade between the two countries.
More specifically, the minister called on Korean investors to take advantage of the country’s involvement in the African Continental Free Trade Agreement (AfCFTA) to invest in Nigeria so that they have access to the large market on the African continent.
In a statement issued by his media assistant, Mr. Ifedayo Sayo, the minister told his visitors to encourage South Korean investors to invest in the new special economic zones established by the ministry in each of the country’s six geographic areas as well. than the existing free trade zones in Calabar, Lekki, Kanop among others to stimulate investment.
Adebayo listed efforts by the federal government to attract foreign investment to the country, including establishing a one-stop-shop investment center to provide 48-hour delivery to potential investors; modernization of ports, including rationalization of agencies operating in ports; Banking reform initiative to support the real sector and creation of special economic zones in pursuit of Nigeria’s industrialization program.
Young-Chae, however, pledged to deepen trade relations between the two countries, as well as support government programs.
At the same time, addressing a delegation from the National Defense College of Tanzania during a visit to the ministry, Adebayo said the federal government’s target would be achieved through the development of an industrial policy / program holistic to facilitate the upstream integration and domestication of production.
He said the government would create an enabling business environment to attract and retain investment, as well as facilitate trade and market access, especially by successfully participating in the AfCFTA.
He also told the delegation headed by Brig. General MA Mhagama said the government was accelerating the establishment of special economic zones across the country to boost the industrialization program by increasing the concentration of high-quality infrastructure and providing tax incentives to local producers in the zones.