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Tinubu looks to South Korean for investment

President Bola Tinubu met with Won Hee-Ryong, the Special Envoy of the President of South Korea, to discuss areas of further expansion of investment and trade ties across key sectors of Nigeria’s economy.

Ajuri Ngelale, the special adviser to the president on media and publicity, made this known in a statement on Friday in Abuja.

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

The President commended the efforts made in implementing the commitments made during his discussions with Yoon in India, noting that these commitments were aimed at strengthening the economic and technological partnership 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 relations 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, Tinubu also emphasized the need for greater South Korean investment in the establishment of local industries for youth employment and technology transfer.

He added that Nigeria would understudy and replicate South Korea’s national transportation system.

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He said this project was 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 said.

The special envoy delivered Yoon’s letter to 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.

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He said the instructions included the conclusion of the Trade and Investment Promotion Framework (TIPF) between both countries.

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

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