Dr Doris Nkiruka Uzoka-Anite, the Minister of Industry, Trade and Investment, just returned from a highly productive trip to South Korea.
On her official X handle, she writes : “During our South Korea visit, we engaged in high-level meetings with key South Korean institutions, including the Korea Trade Insurance Corporation (K-SURE), the Korean Chamber of Commerce and the Korea International Trade Association (KITA).
Additionally, I have recently visited the Bahamas and Turkey to strengthen global relations further. I will be sharing more details about these fruitful engagements over the next couple of days.
These discussions have paved the way for significant economic collaborations and investment opportunities that will drive Nigeria’s industrialization and economic growth.
Here are some of the positive outcomes:
1. Strengthened Bilateral Trade Relations: We explored new avenues to enhance trade relations between Nigeria and South Korea, aiming to significantly increase our current trade volume.
2. Investment Opportunities: Discussions focused on creating robust financing schemes and trade insurance programs to facilitate Korean companies’ entry into Nigeria, promising substantial economic benefits for both nations.
3. Developmental Projects: We secured commitments for developmental support, including infrastructure projects, vocational training centers, and technology advancements in Nigeria.
4. Strategic Economic Sectors: Highlighted Nigeria’s commitment to partnerships in technology, renewable energy, agriculture, digital economy, and more, fostering sustainable and inclusive growth.
5. Improved Business Environment: Emphasized recent reforms and policies under the Tinubu administration to create a favorable investment climate, including tax policy reviews and the establishment of Special Economic Zones.
6. Future Collaborations: Laid the groundwork for the upcoming MOU between Nigeria and South Korea, setting the stage for even more comprehensive trade and investment cooperation.”