The decrease in the volume of trade between Nigeria and South Korea has given the former cause for concern, the Minister of Industry, Trade and Investment, Adeniyi Adebayo, has revealed.
Adebayo spoke during a courtesy visit to his office on Tuesday by South Korean Ambassador to Nigeria, Kim Young-Chae, a statement issued by his Special Assistant on Media, Mr Ifedayo Sayo, disclosed.
The minister noted that the volume of trade between the two countries went down from $5m in 2018 to $1.3m in 2019.
He said, “Nigeria and South Korea share strong economic and investment ties with over 20 Korean companies presently operating in the country,” which include Samsung and Hyundai heavy industries.
According to him, there is a need for both countries to work closely towards improving the volume of trade, especially leveraging on the African Continental Free Trade Area for investment in the country, to enhance access to larger markets on the African continent.
Adebayo also called on South Korean investors to invest in the new special economic zones established by the ministry in the six geo-political zones and the existing free trade zones in Calabar, Lekki and Kano, among others, to boost investment.
In his remark, the South Korean ambassador promised that his country would deepen the trade relations between it and Nigeria.
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