FG commends Korea, calls for more investments

Senator Udoma Udo Udoma, Minister of Budget and National Planning, has commended the government of the Republic of Korea for supporting the efforts of the Federal Government in transforming the economy.
Udoma gave the commendation in a statement signed by his Special Adviser on Media, Akpandem James on Tuesday in Abuja.
James said Udoma gave the commendation, when the Ambassador of the People Republic of Korea, Lee In-tae visited him.
The minister, however, urged the envoy to encourage Koreans to invest in Nigeria because of the country’s enormous economic and investment potentials.
He said: “Nigeria appreciates Korea’s assistance in grants and aids.
“The country will also appreciate more Korean investments, as there abound vast opportunities in the areas of agriculture and transportation, power and gas as well as manufacturing and processing, among others.”
Udoma told his guest that his visit was timely, as he came when the Economic Recovery and Growth Plan Focus Labs were still in session.
The minister also told him that the labs were focused on sourcing for investments and addressing challenges in the way of investors.
He said: “Nigeria has a lot to learn from Korea in its effort to transform the economy.
“Korea had achieved a lot in the last 50 years, moving from an underdeveloped economy to an industrial giant, especially in the areas of car manufacturing, electronics and ship building, among others.
“Apart from the technical assistance and grants that you have been giving us, we would appreciate investments. Please, encourage Korean companies to come and invest in Nigeria.”
The minister, however, expressed satisfaction that interventions so far by the Korean government through the Korean International Cooperation Agency were in line with the priority areas of the Nigerian government.
He assured the Korean team of high level support and representation by the Nigerian government in KOICA activities.
In addition, he said Nigeria was looking forward to the execution of the Framework Agreement for Grant Aid which would further strengthen economic diplomacy and development cooperation between the two countries.
In-tae, in his speech, pledged to be a bridge between Korean investors and Nigeria, to drive investments and other economic activities between the two countries.
He said his visit was also to discuss the signing of the Framework Agreement for Grant Aid.