The Korean Ambassador, Kim Pankyu, has emphasised the importance of Nigeria improving its tourism sector, emphasising that the current tourist environment does not provide enough opportunities for relaxation for both international visitors and locals. After travelling between Lagos and Abuja for just over fifty days, Pankyu had the chance to visit various Korean companies and Nigerian institutions. He was particularly impressed by the vibrant atmosphere at the Nike Art Gallery Foundation, the entertainment/cinema, the Dunes in Abuja, as well as the beautiful coastal area of Lagos.
Despite this observation, he pointed out that neither city offers a suitable location for leisure on weekends, and locating tour guides proves to be a challenge. Although he has spent fifty days in Nigeria, finding a tour guide in the country is proving to be quite difficult. The tourism Infrastructure must be improved. Abuja currently lacks tourist attractions and seems to cater only to those engaged in business. As a business person, it’s important to have a weekend getaway destination to unwind. The absence of such a place can be a significant challenge.
Double taxation and other challenges must be resolved.
Pankyu suggested that the government should develop a strategic plan that would offer Korean companies a sense of Security regarding the protection of their investments. He emphasised the potential for Korea and Nigeria to enhance collaboration in various sectors during the upcoming Korea Africa Summit (KAS), mentioning side events like the Korea Africa Consultancy Forums and discussions on ICT, Tourism, and Energy. These platforms offer valuable opportunities for both countries to strengthen their partnerships in these key areas.
During the summit, the participating countries will have several collaboration opportunities. Nigeria’s representatives will work to implement specific strategies and projects agreed upon during discussions. Numerous Korean businesses have noticed the potential in the Nigerian market and are exploring opportunities for expansion in the country. Nevertheless, challenges like double Taxation and difficulties with profit repatriation must be resolved before any significant progress can be made. By enhancing its tourism infrastructure and promoting local tourist attractions, Nigeria can attract more international visitors and provide its citizens with more opportunities for leisure and relaxation.
More Korean companies will be encouraged to invest in Nigeria.
At the summit, the Nigerian government will showcase their efforts in addressing these issues and give Korean businesses confidence in the improving business climate in Nigeria. This will likely encourage more Korean companies to invest in Nigeria. Scheduled for June 4th to 5th, 2024, in Ilsan and Seoul, the Korea Africa Summit will bring together the Korean government and various African representatives in what is anticipated to be a significant event strengthening relations between the two regions.
Also, Nigeria is currently in discussions with Korea about becoming a part of the Korea Rice Belt Initiative. This initiative is focused on helping African nations enhance their rice farming capabilities and production independence by offering a range of rice varieties, seed supplies, and technical training assistance. So far, ten African countries have agreed to participate in this project by signing a Memorandum of Understanding. Pankyu emphasised that Nigeria’s participation in this initiative will play a significant role in boosting the country’s agricultural industry.
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This collaboration will not only boost the Economy through increased tourism Revenue but also contribute to the overall well-being and quality of life of the Nigerian people. By collaborating with Korea and other African nations, Nigeria can access valuable resources, technology, and knowledge that will help improve rice farming capabilities and increase production independence. This partnership has the potential to transform Nigeria’s agricultural sector, leading to increased food production, job creation, and overall economic growth.