Exploring New Investment Opportunities: Nigeria Seeks Collaboration with South Korea in Energy and Mining Sectors
The meeting between the Speaker of the House of Representatives, Honourable Abbas Tajudeen, and a delegation from the South Korean Embassy and the 21st National Assembly of the Republic of South Korea in Abuja focused on enhancing trade and technological relationships between Nigeria and South Korea. The meeting specifically highlighted the potential for increased investment by South Korea in Nigeria’s energy and mining sectors.
The delegation, led by Ambassador Kim Young-Chae and Honourable Lee Hun-Seung, visited Honourable Abbas to seek support for South Korea’s bid to host the World Expo in 2023. Speaker Abbas expressed his delight at the visit and underscored the longstanding relations between Nigeria and South Korea, especially regarding parliamentary exchange programs since Nigeria’s return to democracy in 1999.
Speaker Abbas discussed the establishment of the Nigeria-South Korea Parliamentary Friendship Group by the 9th House of Representatives, aimed at deepening the exchange of ideas, legislative practices, and capacity development of members and staff. He also mentioned the 10th House’s plans to revisit the bill on double taxation to facilitate smooth investments in both countries.
Furthermore, Speaker Abbas emphasized the need to strengthen economic ties to achieve technological development and transfer, calling for increased collaboration between the parliaments of both countries. He also highlighted the opportunity for Korean companies to invest in Nigeria’s mining sector, renewable energy, steel, and the petroleum industry.
In addition, the Speaker urged both countries to explore opportunities for enhancing cultural cooperation, including the film and movie industry, to diversify the economy from oil and gas as the main source of foreign earning. He reaffirmed the Nigerian government’s focus on strengthening economic ties with South Korea to achieve the Fourth Industrial Revolution in technology development and transfer.
Speaker Abbas also discussed the need for increased collaboration between Nigeria and the Korea International Cooperation Agency to accelerate technology and infrastructure development in Nigeria, as well as job creation for the youth. He assured the Korean delegation of Nigeria’s support for the Asian country’s World Expo hosting bid.
In response, Honourable Hun-Seung expressed gratitude to Speaker Abbas and conveyed their purpose for the visit, which was to seek Nigeria’s assistance in successfully hosting the World Expo in Korea. He acknowledged Nigeria as South Korea’s largest trading partner on the African continent and noted the complementary nature of both economies.
Looking forward, Honourable Hun-Seung highlighted potential areas for improved collaboration, such as the free trade agreement between the two countries and President Yoon Suk Yeol’s anticipated interaction with President Bola Ahmed Tinubu at the G20 meeting in New Delhi. He also mentioned the upcoming Korea-Africa Summit, which aims to strengthen the relationship between South Korea and Nigeria.
In conclusion, the meeting between Speaker Abbas and the South Korean delegation reaffirms the commitment of both countries to explore new investment opportunities and strengthen economic and cultural cooperation. As the relationship between Nigeria and South Korea continues to evolve, there is optimism for fruitful collaboration in advancing technological and economic development.
