Trade and Investment: President Tinubu Confers With South Korean Envoy

Trade and Investment: President Tinubu Confers With South Korean Envoy

President Bola Tinubu on Friday in Abuja met with Mr. Won Hee-Ryong, the Special Envoy of the President of South Korea, to discuss the areas in which a further expansion of investment and trade ties across key sectors of Nigeria’s economy can expeditiously occur.

The meeting at the State House was a follow-up to productive discussions between President Tinubu and South Korean President Yoon Suk Yeol during the G-20 Leaders’ Summit in New Delhi, India.

President Tinubu commended the efforts that have been made in implementing the commitments made during his discussions with President Yoon in India, noting that these commitments are aimed at strengthening the economic and technological partnership frameworks between the two nations.

“I am encouraged that your President acknowledged these requests and emphasized the importance of Nigeria in the African context by sending you as a Special Envoy. Rest assured, we are committed to providing the necessary support to bolster the bilateral relationship that has flourished over the years,” the President said.

With an eye on an increased South Korean presence in the transformation of Nigeria’s national, multi-modal transportation system, President Tinubu also emphasized the need for greater South Korean investment in the establishment of local industries for youth employment and technology transfer as Nigeria seeks to understudy and replicate South Korea’s national transportation system.

He said this project is an important opportunity for fruitful collaboration and the evolution of a pragmatic and dynamic business partnership.

“Nigeria is the largest economy in Africa with an energetic and vibrant youthful population that is eager to make things happen. We must empower them. We are committed to removing any obstacle that may hinder the flow of investments between our two great countries,” the President affirmed.

The Special Envoy delivered President Yoon’s letter to President Tinubu, outlining the South Korean President’s instructions to South Korea’s ministries to diligently implement the important projects discussed during their meeting on the margins of the G-20 Summit, including the conclusion of the Trade and Investment Promotion Framework (TIPF) between both countries.

He also conveyed an invitation to President Tinubu to attend the Africa-Korea Summit scheduled for June 4–5, 2024, in Seoul, while seeking Nigeria’s support for South Korea’s bid to host Expo 2030 in Busan, South Korea.