Nigeria and South Korea have agreed on an industrial cooperation strategy that will promote the development of major industries, particularly petrochemical and automotive, in both countries.
The agreement was reached during a meeting between the Minister of Trade and Investment, Mr. Olusegun Aganga; and the Korean Minister of Knowledge Economy, Mr. Hong Suk-woo, at the Korea-Africa Industry Cooperation Forum in Seoul.
The Korean government confirmed that it would provide all necessary support to major Korean companies that wanted to partner Nigeria on the development of the petrochemical and automotive sectors of its economy.
The two ministers also set in motion plans to create the Korea-Nigeria Trade and Investment Council in order to strengthen the new partnership between both countries and to learn from each other’s strengths and weaknesses.
The partnership on trade and investment between both countries was initiated at a dinner hosted by the President of Korea.
Aganga told journalists on the sidelines of the conference that the meeting with his Korean counterpart was to actualise some of the goals of the Nigeria Industrial Revolution Plan, which the Ministry of Trade and Investment initiated recently.
He said the Federal Government was leaving no stone unturned in ensuring the transformation of the Nigerian economy in good time, adding that the nation would learn from the strategies of major industrialised countries in order to turn its vast resources into economic fortune.
Aganga said, “We have had very fruitful discussions with the Ministry of Knowledge Economy. That is what my ministry is called in Korea. And I will say categorically that this is another step forward in our efforts to create jobs, generate wealth and enhance inclusive economic growth and development in Nigeria.
“We have commenced the Nigeria Industrial Revolution Plan based on the areas where Nigeria has comparative and competitive advantage.”