South Korea-Nigeria trade relations to hit $2bn

Mr Kim Young-Chae, the Ambassador of Republic of Korea to Nigeria says, the bilateral trade between the two countries is expected to reach more than two billion dollars this year.

Young-Chae said this at the South Korea National Day Reception held on Monday night in Abuja.

According to him, this is the first time in the last three years the Embassy would host the national day reception physically.

“The COVID-19 pandemic reminds us of the tremendous value of get-together. This is one of the reasons why we prepared today’s event with our friends and partners.

“Since my arrival at Abuja in January 2021, I have had the pleasure to witness the growing bilateral relations between my country and the great nation of Nigeria.

“The bilateral trade is expected to reach over two billion dollars with a 20 per cent increase this year. About 20 Korean companies are currently active in Nigeria.

“It is worthy to note that among them is Daewoo ENC, a major partner of the Nigerian oil and gas sector, and Samsung Heavy Industry invested more than 300 million dollars to build an ultra modern shipyard in Lagos port’’, Young-Chae said.

The Ambassador said the Korean Cultural Centre in Nigeria is reaching out to more Nigerians by signing Memorandum of Understandings (MoU) with universities and television stations across Nigeria.

He recognised with great satisfaction, the rising popularity of Korean music, movie and drama among Nigerians, particularly among young generation.

“Our development agency KOICA is expanding its activities in training, education, e-government and humanitarian assistance.

“More than 2,500 Nigerian government officials have enjoyed study opportunities in Republic of Korea under the KOICA Training Programme.

Our trade and investment agency KOTRA is connecting Korean and Nigerian companies so that they build long-term reliable and dependable partnerships.

“These agencies together with the Korean Embassy in Abuja and Consulate Office in Lagos constitute our great Team of Korea.

“Team Korea in Nigeria work together with one mind to further enhance our bilateral relations.

“High-level exchange of visits between Nigeria and Korea are on the rise, which hit the high mark with the recent visit to Korea by President Muhammadu Buhari’’, Young-Chae said.

The News Agency of Nigeria reports that dignitaries that attended the reception include members of the diplomatic community and Officials from the Presidency.

Others include governor of Bayelsa, Mr Diri Douye, and the Deputy Governor of Katsina State, Mannir Yakubu, among others.

High points of the event included dance and musical performances by C-Fly and P Brain dance team, Shyne Band, and the Korean based musical Group, Oneul.

Also, guests were treated to Korean Cuisines.