Nigeria’s Minister of Trade and Investment, Adeniyi Adebayo, has expressed dismay over the decrease in the volume of trade between Nigeria and South Korea considering that the two countries share strong economic and investment ties with over 20 Korean companies currently operating in the country.
He said this when the South Korean ambassador to Nigeria, Kim Young-Chae visited his office on Tuesday in Abuja. Adebayo noted that the volume of trade between the two countries went down from $5 million in 2018 to $1.3million in 2019.
He stressed 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.
He called on Korean investors to take advantage of the country’s involvement in the African Continental Free Trade Zone (AfCTA) to invest in Nigeria so that they would have access to the large market in the African continent.
He also told 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 listed 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.