Abuja: The Republic of Korea has reiterated its commitment to strengthening ties with Nigeria, particularly in economic cooperation, security, and people-to-people exchanges. Mr Kim Pankyu, the Korean Ambassador to Nigeria, expressed this commitment during a news conference marking the 45th anniversary of diplomatic relations between Korea and Nigeria.
According to News Agency of Nigeria, Pankyu highlighted significant growth in the relationship between the two countries since his assumption of office. He emphasized the stronger synergy in cultural affinity and the favorable investment environment provided by the Korean embassy's business operations in Nigeria. Many Nigerian government officials have recognized the importance of investment-friendly policies, such as tariff and tax incentives, which are expected to attract more Korean investments.
The ambassador also noted the successful Korea-Africa Summit in June, where high-level discussions between Korean and Nigerian officials facilitated meetings with key ministers. These interactions are seen as major steps in enhancing Korea's engagement with African countries, particularly in ICT and business forums.
Pankyu stated that Nigeria remains Korea's most important trade and investment partner in Africa, accounting for a significant portion of Korea-Africa trade and Korean project contracts in South Africa. In 2021, Korean bilateral trade increased by 38.6 percent, reflecting a strong economic partnership.
In the corporate sector, Korean biotech company SD Biosensor's HIV rapid test kit has been approved for packaging in Nigeria, with plans to procure up to 15 million kits this year. Pankyu expressed optimism for further cooperation in trade and investment, with both countries working to conclude key agreements such as the Double Taxation Avoidance Agreement and Trade and Investment Promotion MOUs.
On security, Pankyu reaffirmed Korea's commitment to supporting capacity building in Nigeria's military and security sectors. Discussions on finalizing a defence industry cooperation Memorandum of Understanding are ongoing.
Beyond economic and security partnerships, the Korean Embassy is active in cultural and development initiatives through the Korea International Cooperation Agency (KOICA) and the Korean Cultural Center. Recent projects include the opening of the Korean-Nigerian Information Access Centre in Abuja and a digital governance and multimedia learning project in primary schools.
Pankyu concluded by expressing his dedication to facilitating the longstanding partnership between Korea and Nigeria, highlighting the mutual trust and friendship demonstrated through ongoing collaborations.