The Honorable Minister for Budget and Economic Planning, Senator Abubakar Atiku Bagudu(CON) has assured Nigerians that the administration of President Bola Tinubu and the government of Korea will explore a new level of relationship for exchange of knowledge and economic growth.

Bagudu stated this on Tuesday when he received His Excellency, Kim-Young-Chae, Ambassador Extraordinary and Plenipotentiary of Korea to the Federal Republic of Nigeria in his office.

He averred that Korea is ahead of most countries of the world because of Korea’s unprecedented record of economic growth which started in the early 1960s when government policy shifted away from import substitution towards export orientation.

According to the Honorable Minister, the Korean government provided tax and financial incentives in addition to incentives such as establishment of organizations to promote exports, stressing that Korea has been regarded as an example of pursuing the export-led economic growth strategy.

He said that the establishment of over six state agencies in Nigeria by the Korean government was a clear demonstration of President Yoon Suk Yeol’s desire to support the economic growth, transformation and overall development of Nigeria.

He made reference to the recent bilateral meeting between the Korean President and President Bola Tinubu in India, saying that the meeting was a pointer to a renewed commitment between the two countries to build a stronger relationship and cooperation for the benefit of the citizenry.

While responding to what the Korea Ambassador said about the planned Korean/African Summit scheduled to take place next year, Senator Bagudu promised that Nigeria will ensure full participation at the summit and play active roles that will guarantee the success of the summit

He particularly solicited the support of the Korea Government in the area of transforming Nigeria’s agricultural sector. Bagudu revealed that the agricultural sector is a major area of focus under the administration of President Tinubu. “This sector is very dear to us being one major way of engaging a larger number of the population.”

Earlier, Kim-Young-Chae had noted that Nigeria and Korea have a strong relationship that spanned several decades, saying that with the cordial relationship between the President of Nigeria and President of Korea, should advance to a higher level.

He revealed that the Korean Government had initiated the Korean/African Summit for the first time as part of the agenda of the Korea government to ensure that African countries are well integrated in the area of development.

The Korean Ambassador said future socio-economic development engagements between both countries in areas of increased investment across sectors, technology, transfer for technological advancement, continued education and skills development, trade expansion and cultural exchange for mutual understanding would evolve through ongoing dialogue and alignment with development objectives.

“Over the years, South Korea investments in various Nigerian sectors and trade relations have increased, particularly in oil and manufactured goods. KOICA supports projects in education, healthcare, agriculture and e-governance.

Diplomatic cooperation extends to global issues and high-level visits foster closer relations and discussions on mutual concerns.”

The Director of International Cooperation Dr Lanre Adekanye affirmed that on the bilateral level, the Korean Government under the auspices of the Korea International Cooperation Agency (KOICA), has been providing technical cooperation and other forms of Grant Aids to promote economic and social development in Nigeria.

According to him, KOICA in its cooperation efforts, has implemented various technical training programmes for officials of Federal Government Ministries, Departments and Agencies (MDAs) across the three tiers of Government in all areas of human endeavor, including those of State Governments.