The Ambassador of Republic of Korea to Nigeria, Mr. Kim Pankyu has announced Korea’s commitment to further strengthen ties with Nigeria in the areas of economic cooperation, security and people to people exchanges.
Kim who made this known Wednesday in Abuja said Nigeria remains Korea’s most important trade and investment partner in Africa accounting for 10% of Korea-Africa trade and over 70% of Korea’s project contracts in Africa.
Continuing, Kim said that Korea, Nigeria bilateral trade increased by 38.6%, reaching over 2.2 billion US dollars in 2024, reflecting their strong economic partnership.
He said, “And at the corporate level, for example, 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.
“This year alone, up to 15 million kits will be procured by governments across Africa and major international organizations. 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” he said.
Kim also expressed Korea’s readiness to support Nigeria’s efforts to promote food security with its skills and experiences, saying that Nigeria had excellent agricultural conditions, including vast land, diverse vegetation, and a variety of climates.
He stated that various Korean initiatives were being implemented in the region, including KAFACI and K-Ricebelt, noting that Nigeria, as a member of KAFACI since its inauguration in 2010, had participated in multiple agricultural R&D Cooperation so far.
Kim said as Korean Cultural Centre, Nigeria (KCCN) marks its 15th anniversary this year, its mission had focused on sustainable cultural exchanges that bring tangible benefits to both nations with events like as K-pop festivals, Korean food and Taekwondo competitions, and film festivals promoting mutual understanding and appreciation of cultural diversity.
Kim who said that Nigeria as a major cultural hub in West Africa, which plays a pivotal role in promoting cultural diversity, assured that KCCN would continue to serve as a center for cultural exchange and engagement, providing Nigerian citizens diverse opportunities to experience Korean culture and participate in local events such as the Kaduna Film Festival.
