The Federal Government has implored Korean investors to take advantage of the country’s involvement in the African Continental Free Trade Zone (AfCFTZ) to invest in Nigeria so that they would have access to the large market in the African continent.
Otunba Adeniyi Adebayo, Minister of Industry, Trade and Investment, who extended the country’s courtesy during the visit of South Korean ambassador to Nigeria, Kim Young-Chae to his office on Tuesday in Abuja,noted that both countries shared strong economic and investment ties with over 20 Korean companies currently operating in the country.
He named some of the companies to include Samsung and Hyundai Heavy Industries.
He also implored his visitors to encourage investors from South Korea to invest in the new special economic economic zones established by the ministry in each of the six geographical zones of the country and the existing free trade zones in Calabar, Lekki, Kano, among others, to boost investment.
Adebayo regretted that the volume of trade between the two countries went down from $5 million in 2018 to $1.3million in 2019.
He emphasized the need for the South Korean embassy, Federal Ministry of Foreign Affairs and his ministry to work closely towards improving the volume of trade between the two countries.
Adebayo disclosed efforts made by the Federal Government to attract foreign investment to the country to include establishment of One-Stop Investment Centre to provide 48 hours delivery to prospective investors; ports upgrading, including streamlining of agencies operating at the ports; banking reforms initiative to support real sector; and establishment of special economic zones in pursuit of Nigeria’s industrialisation agenda.
In his remarks,Young-Chae promised to deepen the trade relations between the two countries, promising support for government programmes.
