By Adedapo Adesanya
President Muhammadu Buhari has invited top South Korean investors to increase their investments in Nigeria, saying this will boost trade between both countries, which data shows it is below $1.5 billion.
Speaking on Wednesday in Seoul, the President said his administration would continue to make determined efforts to improve the enabling domestic environment for businesses to flourish.
Mr Buhari spoke during an audience he granted representatives of strategic Korean companies and industries on the sidelines of the World Bio Summit 2022 in the Korean capital.
The President noted that, “Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance,” adding that “the security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”
“Our administration has prioritized Power infrastructure under the Presidential Power Initiative. In this regard, Nigeria has procured modern power equipment inaugurated in September 2022 as part of the phased project to generate 25,000 megawatts of electricity by 2025.
“Furthermore, to ensure ease in the clearing of cargo, giant strides have been digitalised of the processes in our Sea-Parts as well as airports.”
Speaking during a bilateral meeting with his Korean counterpart, Mr Yoon Suk-Yeol, at the Presidential Palace on the sidelines of the First World Bio Summit, the President called for expansion from the long-term gas contract to other areas.
On his part, President Suk-Yeol sympathized with Mr Buhari over the massive havoc and human losses caused by flood in his country.
He described Nigeria as Africa’s largest economy and cultural powerhouse that produces a huge number of films, expressing confidence that Nigeria’s economic and cultural capabilities will contribute significantly to exchanges and cooperation between both countries.
Both leaders also discussed the need for cooperation at the multilateral level, particularly at the United Nations, with South Korea indicating interest in vying for a seat on the Security Council in 2024 and seeking Nigeria’s support.
Similarly, the Korean leader sought Nigeria’s support for her country’s plan to host the 2030 EXPO.
Also discussed was the issue of peace on the Korean Peninsula; demilitarization and denuclearization of the region were also featured in the bilateral talks.
Modupe Gbadeyanka