By HammerTimes News Online
The Ambassador of Republic of Korea to Nigeria, Mr KIM Pankyu has pledged to continue to work to sustain and improve the partnership between Nigeria and Korea that would be of great benefit to the two countries.
Pankyu made the pledge at a press conference in Abuja
The press conference was organised by the Embassy and Korean Cultural Centre in Nigeria (KCCN) to mark the 45th anniversary of the diplomatic ties between Nigeria and South Korea.
According to him, since he came to Abuja as Ambassador about a year ago, the relationship between Korea and Nigeria has grown significantly.
“One of the most notable milestones was the first-ever Korea-Africa Summit last June. We facilitated high-level discussions between Korea and Nigeria, including meetings between the Ministers of Foreign Affairs, Industry and Trade, and Tourism.
“The Nigerian delegation also participated in the Korea-Africa Business Summit and various forums on ICT, health, tourism, and energy. This was a major step in strengthening Korea’s engagement with
African countries, fostering inclusiveness and cooperation.
“This year marks the 45th anniversary of diplomatic relations between Korea and Nigeria. We are committed to further strengthening our ties, particularly in economic cooperation, security, and people-to-people exchanges.
“Nigeria remains Korca’s most important trade and investment partner in Africa. It accounts for 10% of Korea-Africa trade, and over 70% of Korea’s project contracts in Africa.
“These contributions and collaboration demonstrate the mutual trust and friendship between Korea and Nigeria.
“As Ambassador, I will continue working to facilitate our long-standing partnership for the years ahead,” Pankyu said.
He further explained that in 2024, bilateral trade between Korea and Nigeria increased by 38.6%, reaching over $2.2 billion US dollars, reflecting their strong economic partnership.
He hinted that the Korean biotech company, SD Biosensor’s HIV rapid test kit has been approved for packaging in Nigeria by Colexa Biosensor Ltd. and Codix Pharma Group.
Pankyu added that this year alone, up to 15 million kits will be procured by governments across Africa and major international organisations.
“Looking ahead, I believe there is room for even greater cooperation in trade and investment. Both countries are working closely to conclude key agreements as early as possible.
“The Double Taxation Avoidance Agreement and the Trade and Investment Promotion (TIPF) MOU will mark a new chapter in our economic relations.
“To further expand Korean business operations in Nigeria, a favorable investment environment is essential. During the meetings, many Nigerian government officials also recognized the importance of investor-friendly
policies.
“Measures such as preferential tariffs and tax incentives will attract more investments from Korean companies, benefiting both economies.
“With over 40 years of experience in military and security affairs, I am committed to enhancing our security collaboration. In particular, maritime security in the Gulf of Guinea is critical for both Nigeria and transit countries like the Republic of Korea,” he said.
Pankyu further explained that Korean merchant ships pass through the Gulf of Guinea on a daily basis, adding that around 40 of Koean fishing vessels, carrying hundreds of fishermen, are also operating there.
He reiterated the committment of Government of South Korea to increase Korea’s support for capacity building in the Nigerian military and security sectors.
“Additionally, we hope to finalize defense and defense industry cooperation MOUs that have been under discussion for some time.
“Beyond economic and security partnerships, the Korean Embassy actively supports cultural and development initiatives through KOICA and the Korean Cultural Center.
“Last month, we opened the Korca-Nigeria Information Access Center in Abuja, supporting Nigeria’s digital-capacity building efforts.
“I also had the pleasure of attending Korea Day event at the American International School Abuja (AISA), where students enjoyed Korcan culture and cuisine.
“In addition, KOICA Nigeria is conducting a project to improve digital governance and multimedia learning in primary sch0ols, worth 13 million and 10 million U.S. dollars, respectively. A larger-scale projects are to come in the next few years,” Pankyu said.
HammerTimes News Online reports that the Korean Officials that supported Pankyu include the Deputy Head of Mission, Mr NAMGUNG Tak, the Director of Korean Cultural Centre in Nigeria, Abuja, Mr KIM Changki and Communication Officer at the Centre, Ms JIN. (HT)