Kim Young-Chae, South Korean ambassador to Nigeria, says the bilateral trade between the two countries will likely reach more than $2 billion this year.

Mr Young-Chae said this at the South Korea National Day Reception held on Monday night in Abuja.

“The bilateral trade is expected to reach over $2 billion with a 20 per cent increase this year. About 20 Korean companies are currently active in Nigeria,” stated the Korean ambassador. “It is worthy to note that among them is Daewoo ENC, a major partner of the Nigerian oil and gas sector, and Samsung Heavy Industry invested more than $300 million to build an ultra-modern shipyard in Lagos port.”

According to the ambassador, the Korean Cultural Centre in Nigeria is reaching out to more Nigerians by signing a memorandum of understanding (MoU) with universities and TV stations across Nigeria.

“Our development agency KOICA is expanding its activities in training, education, e-government and humanitarian assistance. More than 2,500 Nigerian government officials have enjoyed study opportunities in the Republic of Korea under the KOICA Training Programme,” Mr Young-Chae further explained. “Our trade and investment agency KOTRA is connecting Korean and Nigerian companies so that they build long-term reliable and dependable partnerships.”

(NAN)