Abuja (Precise Post) – Kim Young-chae – the Ambassador Extraordinary and Plenipotentiary of the Republic of South Korea to Nigeria, has said one way Nigeria could fast-track development is to invest in manufacturing and develop its agricultural base.
Speaking when he led a Korean delegation on a courtesy visit to the corporate headquarters of LEADERSHIP Group Limited in Abuja yesterday, Young-chae, who began his tour of duty in January, said he would do his utmost to improve bilateral ties between Nigeria and his country, especially in trade and investment.
On Nigeria’s agricultural potential, the South Korean envoy noted that with the gifts of good weather, fertile land and a huge population, Nigeria should not be importing agricultural products.
He said, “I hear that Nigeria imports a lot of agricultural products but Nigeria has fertile soil, abundant rain, and so on. It can produce many agricultural products such as rice and others, which it imports.
“Nigeria has enough people, enough land and does not have to import agricultural products. It has 200 million people and is not the kind of country that should rely on imports of agricultural products.”
Young-chae has held several high level diplomatic positions in Asia, the US and Africa, including positions as minister and consul general of the Korean Embassy in South Africa in 2012, and ambassador extraordinary and plenipotentiary to Libya in 2015.
He said the concept of “transfer of technology” had become obsolete, adding that the examples of China and South Korea had shown how developing countries could learn from other countries.
“Technology transfer is not free of charge”, he said. “China, for instance, welcomed foreign companies a lot in the 1980s and 1990s. The foreign companies that came to China built major factories in all industries, employed Chinese workers, and gradually the Chinese built technology by learning from these companies in making so many things.”
The envoy said that with a better business environment, more foreign companies would invest in Nigeria and local workers in those companies would grow their skills and competence.
He also added that the African Continental Free Trade Agreement (AfCFTA) presents an opportunity for Nigeria, which is the largest economy in Africa.
Young-chae added, “We have major Korean companies like Samsung, LG and others and as ambassador, I want to see more Korean companies and investments in Nigeria.”
He said current aggregate bilateral investment between both countries stands at $2billion.
The ambassador, who came on the visit with the Director of the Korean Cultural Centre, Jin Su Lee, said the Abuja-based centre was working to promote people-to-people contact between Nigerians and Koreans to know one another better.
“As an ambassador, I want to promote Korean culture to Nigerian people so that they can understand each other more in terms of songs, food, sports, and movies,” he said.
Nigeria and South Korea established diplomatic relations in 1980 and have since cooperated at bilateral and multilateral levels. There are currently about 3,000 Nigerians in South Korea.
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