The Minister of Industry,Trade and Investment, Adeniyi Adebayo has expressed concern over the decrease
in the volume of trade between Nigeria and South Korea.
He stated this during the courtesy visit of theaq South Korea Ambassador to the office of the Minister in Abuja.
He added that the volume of trade between the two countries has dropped down from $5million in 2018 to &1.3million in 2019.
The minister further stress the need for the South Korea Embassy, Federal Ministry of Foreign Affairs and his ministry to work closely towards improving the volume of Trade between the two countries.
“We encourage South Korea investors to take advantage of the country involvement in African Continental Free Trade Area (AFCFTA), to invest in Nigeria to enhance access to the large market in the African Continent.”
He furthermore encouraged the south Korean investors, to invest in the new special economic zones established by the ministry in the six geo- political zones and the existing free trade zones in Calabar, Lekki, and Kano among others to boost Investment.
The Minister highlighted some of the positive effort put in place by the Federal Government of Nigeria, to boost Investment and attract new investors.
“The establishment of a one stop Investment centre with 48 hours delivery to prospective investors.
Ports upgrading, and streamline of agencies operating at the Port
Banking reforms initiative to support real sectors, and establishment of special economic zones in pursuit of Nigeria industrialization agenda.”
In response, the Korean ambassador Mr Kim, promised to deepen the trade relationship between the two countries and also promised support for government program and policies.