Speaker seeks Korea’s investment in Nigeria’s energy, mining sectors
…as South Korea lobbies House to host World Expo
By Tom Okpe
Speaker of the House of Representatives Rep Abbas Tajudeen has called for more trade and technological relationships between Nigeria and the Republic of South Korea.
Abbas called for more investment by the Asian country in Nigeria’s energy and mining sectors.
The Speaker made the call when a delegation from South Korean Embassy to Nigeria and the 21st National Assembly of the Republic of South Korea visited him at his office in Abuja on Tuesday to seek Nigeria’s support for the Asian country’s World Expo, 2023 hosting bid.
On the delegation were the Ambassador of South Korea to Nigeria Kim Young-Chae, who led officials of the Foreign Mission; and the Special Envoy of the National Assembly of the Republic of South Korea, Lee Hun-Seung, who led members of the country’s parliament.
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Also in attendance with Abbas were the Minority Whip, Ali Isa; Chairman of the House Committee on Foreign Affairs, Abdulmumin Jibrin, and several members of the House.
Speaker Abbas, in his remarks, expressed delight over the visit, noting the long-standing relations between Nigeria and South Korea, resulting in different exchange of parliamentary programmes since Nigeria’s return to democracy in 1999.
The Speaker recalled that the 9th House established a Nigeria-South Korea Parliamentary Friendship Group to deepen exchange of ideas, legislative practices and procedure, as well as parliamentary exchange programmes for purposes of capacity development of members and staff.
“There was a mutual understanding to initiate a treaty against double taxation on the businesses of both Nigeria and South Korea which, though passed by the National Assembly, was not assented to by the then President of Nigeria.
“The 10th House of Representatives will revisit the bill on double taxation to remove obstacles mitigating against smooth investments among both countries.
“We have also, reconstituted the Nigeria-Korea Friendship Group to broaden our parliamentary relations and promote mutual understanding and cooperation in the areas of capacity development and investments.
“With over 20 Korean companies in Nigeria and investments worth over $2billion, it is an enormous contribution to the economy of Nigeria.
“The recent Korean Government supply of a vessel to the Nigerian Navy confirms the deep mutual relations, which the 10th House will do everything to sustain.”
He further stated that focus of the Nigerian Government and 10th House was to strengthen economic ties between Nigeria and South Korea and to achieve the Fourth Industrial Revolution in technology development and transfer.
The Speaker therefore, called for increased collaboration between parliaments of both countries to strengthen areas that require legislative actions, calling for increase in the promotion of business opportunities, including organising trade fairs and exhibitions, while encouraging Korean companies to invest in Nigeria’s mining sector, renewable energy, steel and petroleum industry.
Abbas assured the Korean delegation of Nigeria’s support for the Asian country’s World Expo hosting bid.
In his earlier remarks, leader of the delegation, Hun-Seung, thanked Speaker Abbas for welcoming them with open arm, congratulating Nigeria on the successful inauguration of President Bola Ahmed Tinubu.
He said: “We have a purpose for this visit. Speaker of the National Assembly of South Korea sent us to ask for your assistance to successfully host the World Expo in Korea,” he said.
According to him, the final vote on the hosting right for the global exhibition is coming up in September adding; “If you help us, we will also help you.
“We are looking forward to a strengthened collaboration between South Korea and Nigeria.”
He noted that Nigeria is South Korea’s largest trading partner on the African continent, with its huge natural resources.
“Our economies are quite complementary with each other as the free trade agreement between the two countries could be improved.
“President Tinubu has been invited to the G20 meeting in New Delhi in September and the occasion would enable the South Korea’s President Yoon Suk Yeol, interact with his Nigerian counterpart.”
The South Korean lawmaker also, informed that Korea-Africa Summit scheduled for next year would help to lay a new foundation of relationship between the country and Nigeria.
