President Muhammadu Buhari has called for increased Korean investments in Nigeria for mutual economic benefit.

His media aide Femi Adesina disclosed this in a statement on Wednesday.

According to the statement, Mr Buhari gave the invitation to Korean investors when he granted an audience to representatives of strategic Korean companies and industries in Seoul.

The meeting was held on the sidelines of the World Bio Summit 2022 in the Republic of the Korean capital, Seoul, South Korea.

“Nigeria remains committed to creating a stable and enabling business environment for foreign investors through the formulation of sound economic policies and improved governance,” said the statement. “The security forces have been working assiduously with local communities to ensure the security of lives and properties of Nigerians and foreign investors.”

The president stated that his regime had prioritised power infrastructure and procured modern equipment for power generation.

While making a case for the country as investment-friendly and choice destination, Mr Buhari said Nigeria’s economy remained the largest in Africa.

“With a nominal GDP of $431.97 billion, Nigeria’s economy remains the largest in Africa with vast human capital and natural resources,” he said.

According to him, the steady improvement from the global economic downturn of 2020 indicates that the Nigerian economy is on a firm path of recovery.

Mr Buhari implored the investors to take advantage of the many investment opportunities in Nigeria, especially in oil and gas, trade, manufacturing, ICT, creative industry and culture exchange.

”It is worthy of emphasis to underscore that the business environment in Nigeria offers low corporate tax regime/VAT rates, flexible labour market conditions and simple procedures for establishing businesses,” added the statement.

The president also acknowledged some significant investments by Korean companies in Nigeria in the fields of construction or heavy-duty industries, ICT and electronics and chemical production, estimated as of 2021 at no fewer than 20 registered companies in Nigeria.

The Nigerian leader expressed delight that these “companies have continued to contribute immensely to the growth of the Nigerian GDP and have created job opportunities in the country.

“I look forward to increased investments by Korean private companies in Nigeria as we resolve the issues of enabling relevant agreements such as Investment Promotion and Avoidance of Double Taxation between our two countries,” said Mr Buhari.

He expressed optimism that his engagements with Korean economic operators in priority areas would mutually benefit both countries and their peoples.

(NAN)