Korean ambassador, Lee In-tae, has been called upon to encourage Koreans to invest in Nigeria because of the country’s enormous economic and investment potentials.
The call was made by the Minister of Budget and National Planning, Senator Udoma Udo Udoma, in Abuja the ambassador visited him.
In a statement issued by his media aide, Akpandem James, the minister said although Nigeria appreciated Korea’s assistance in grants and aids, the country would also appreciate more Korean investments, as there abound vast opportunities in the areas of agriculture and transportation, power and gas as well as manufacturing and processing, among others.
Udo Udoma explained that apart from having the largest market in Africa, Nigeria was centrally located and within easy access to other parts of the continent.
He indicated that the businesses based in Nigeria had the capacity of easily reaching the entire West African sub region.
The ambassador was told that his visit was timely, as it came when the Economic Recovery and Growth Plan (ERGP) Focus Labs were still in session, pointing out that the labs were focused on sourcing for investments and addressing challenges that stood in the way of investors.
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The minister said given the success Korea had achieved in the last fifty years, moving from an underdeveloped economy to an industrial giant especially in the areas of car manufacturing, electronics and ship building among others, “we in Nigeria have a lot we can learn from them in our effort to transform our own economy.”
“Apart from the technical assistance and grants that you have been giving us, we would appreciate investments. Please encourage Korean companies to come and invest in Nigeria,” the minister emphasized.
Ambassador In-tae, in his speech, pledged to be a bridge between Korean investors and Nigeria, to drive investments and other economic activities between the two countries.
He said his visit was also to discuss the signing of the Framework Agreement for Grant Aid.
