Officials of the Federal Government held meetings with their South Korean counterparts on how to improve the dwindling trade between the two nations.
Visiting South Korean First Vice Foreign Minister Mr. Choi Jong-gun held high-level meetings with Ministers Maj. Gen. Bashir Magashi (Defence); Mr. Rotimi Amaechi (Transportation) and the Minister of State for Foreign Affairs, Ambassador Zubairu Dada.
A statement issued by the Transportation Minister said Mr. Jong-gun was in Nigeria as part of a tour of three African countries – Morocco and Senegal. The three-nation tour began on August 14.
The Korean official embarked on his maiden visit to West Africa.
The statement noted that in a series of engagements with the Nigerian officials on August 19, the discussions focused on how to develop bilateral relations, including cooperation on maritime security in the Gulf of Guinea.
The statement reads: “During the sessions, both sides agreed on the need to reorganise all agreements, such as the double taxation prevention agreement and the revision of the investment protection agreement, under the common recognition that it is important to prepare an institutional basis for expanding economic cooperation.”
It said the Korean official stressed the importance of conducting business in a friendly environment by resolving the difficulties faced by Korean companies that have invested in Nigeria.
On his part, Amaechi pledged to resolve the outstanding issues.
He was quoted as saying: “The issues faced by foreign investors in Nigeria is not just limited to Korean companies- for instance, Africa’s biggest grocery retailer and South Africa-owned chain of stores, Shoprite announced its exit from Nigeria after 15 years of operations.”