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Industrial Revolution: Nigeria, Korea Set Partnership in Motion

By on October 22, 2012

Minister of Trade and Investment, Olusegun Aganga

 

In a bid to encourage the development of major industries, mainly the petrochemical and automotive industries, in both countries, Nigeria and Korea have agreed on an industrial collaboration scheme.

 

The collaboration was sealed at the Korea-Africa Industry Cooperation Forum in Seoul, between the Minister of Trade and Investment, Mr. Olusegun Aganga and his counterpart, the Korean Minister of Knowledge Economy, Hong Suk-woo.

 

In reaction to the collaboration, the Korean government expressed its readiness to make available all the required aid to major Korean companies, who want to work together with Nigeria on the development of the petrochemical and automotive sectors of its economy.

 

In order to fortify the new partnership between both countries and to learn from each other’s strengths and weaknesses, the two ministers agreed on the creation of a Korea-Nigeria Trade and Investment Council.

 

Aganga noted that his meeting with his Korean counterpart was to initiate the goals of the Nigeria Industrial Revolution Plan, which the Ministry of Trade and Investment started of late.

 

The minister said, “We have had very fruitful discussions with the Ministry of Knowledge Economy. That is what my ministry is called in Korea. In addition, I would 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. In this regard, Government has embarked on far reaching reforms, aimed at improving the business climate and making Nigeria the preferred investment hub in Africa and globally, and already the results have been positive with the recent pronouncement by UNCTAD that Nigeria is now the preferred investment destination in Africa.”

 

He added, “If we must become one of the top 20 world economic powers in good time, we must have a vibrant industrial sector. Industrialisation has the potential for unlocking wealth, creating jobs and enhancing the standard of living of citizens.”

 

“We are rigorously implementing the Backward Integration Programme used in the cement sector to grow other sectors of the economy and we are now partnering the Korean government in developing others sectors of the Nigerian economy where they have the expertise.”

 

The Korean minister pledged his government’s support for the initiatives of the Nigerian Ministry of Trade and Investment, saying that the Korean government would go all-out to make sure that both countries benefit from the partnership.