President Bola Ahmed Tinubu has stressed the need for greater South Korean investment in the establishment of local industries for youth employment and technology transfer as Nigeria seeks to understudy and replicate South Korea’s national transportation system.
The president spoke on Friday at the State House, Abuja when he met with Mr Won Hee-Ryong, the special envoy of the president of South Korea, to discuss the areas in which a further expansion of investment and trade ties across key sectors of Nigeria’s economy could occur.
The meeting was a follow-up to productive discussions between President Tinubu and South Korean president, Yoon Suk Yeol during the G-20 Leaders’ Summit in New Delhi, India.
President Tinubu said this project was an important opportunity for fruitful collaboration and the evolution of a pragmatic and dynamic business partnership as Nigeria focused on an increased South Korean presence in the transformation of Nigeria’s national, multi-modal transportation system.
“Nigeria is the largest economy in Africa with an energetic and vibrant youthful population that is eager to make things happen. We must empower them. We are committed to removing any obstacle that may hinder the flow of investments between our two great countries,” the president noted in a statement by his spokesman, Ajuri Ngelale.
President Tinubu stated, “I am encouraged that your president acknowledged these requests and emphasised the importance of Nigeria in the African context by sending you as a special envoy. Be rest assured that we are committed to providing the necessary support to bolster the bilateral relationship that has flourished over the years.”
The special envoy delivered President Yoon’s letter to President Tinubu, outlining the South Korean president’s instructions to South Korea’s ministries to diligently implement the important projects discussed during their meeting on the margins of the G-20 Summit, including the conclusion of the Trade and Investment Promotion Framework (TIPF) between both countries.