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Lists security, economic cooperation, people-to-people exchanges as focal areas
From Aidoghie Paulinus, Abuja
As Nigeria and the Republic of Korea mark 45 years of diplomatic relations, the Ambassador of the Republic of Korea to Nigeria, Kim Pankyu, has said Korea is committed to further strengthening ties with Nigeria.
Briefing reporters in Abuja, Kim also said that since his arrival in Nigeria a year ago, the relationship between Korea and Nigeria has grown significantly.
He further said that one of the most notable milestones was the first-ever Korea-Africa Summit, which was held in June 2024.
Kim recalled that during his one-year tour of duty in Nigeria, the Korean Embassy facilitated high-level discussions between Korea and Nigeria, including meetings between the Ministers of Foreign Affairs, Industry and Trade, and Tourism.
He added that a Nigerian delegation also participated in the Korea-Africa Business Summit and various fora on ICT, tourism, and energy.
‘This was a major step in strengthening Korea’s engagement with African countries, fostering inclusiveness and cooperation.
‘This year marks the 45th anniversary of diplomatic relations between Korea and Nigeria. We are committed to further strengthening our ties, particularly in economic cooperation, security, and people-to-people exchanges,’ Kim said.
The Republic of Korea envoy further said Nigeria remains Korea’s most important trade and investment partner in Africa, accounting for ten per cent of Korea-Africa trade and over 70 per cent of Korea’s projects and contracts in Africa.
He disclosed that in 2024, bilateral trade between the two countries increased by 38.6 per cent, reaching over $2.2 billion, reflecting the strong economic partnership between the Republic of Korea and Nigeria.
At the corporate level, Kim said the Korean biotech company SD Biosensor’s HIV rapid test kit has been approved as a test kit in Nigeria.
He stated that in the current year, up to 15 million kits will be procured.
‘Looking ahead, I believe there is room for even greater cooperation in trade and investment,’ Kim further said.
Kim added that both countries were working closely to conclude key agreements as soon as possible, particularly the Double Taxation Avoidance Agreement and Trade and Investment Promotion agreements, which will mark a new chapter in the economic relations between the two nations.
The envoy, however, said that to further expand Korea’s business operations in Nigeria, a favourable business environment was essential.
He recalled that during his meetings with many Nigerian government officials, they recognised the importance of investment-friendly policies, such as tariff and tax incentives, which will attract more investments from Korean companies, benefiting both economies.
Kim further said that, given Korea’s experience in military and security affairs, he was committed to enhancing security collaboration between the two countries, particularly maritime security in the Gulf of Guinea, which is critical to Nigeria and friendly nations like the Republic of Korea.
He stated that every day, several Korean ships pass through the Gulf of Guinea, alongside Korean fishing vessels carrying hundreds of fishermen operating in those waters.
‘We are committed to increasing Korean support for capacity building in the Nigerian military and security sectors. Additionally, we hope to finalise defence and Defence Industry Cooperation MoUs that have been under discussion for some time,’ Kim assured.