Trade Nigeria is covering more grounds As A Build up To The Nigeria - Korea Economic Forum 2021

 

The leadership of Trade Nigeria has revealed that they are having strategic meetings with leading business owners ahead of Nigeria - Korea Economic Forum 2021.

With the Nigeria - Korea Economics and Investment Forum and Nigeria - Korea Trade Mission and Business Delegation to Seoul, Korea fast approaching, the group has had meetings with business owners and embassy representatives in both Lagos and Abuja Nigeria. 

According to the President of Trade Nigeria, Hon. Nwabueze Buchi George, they held a meeting with  Chief Micheal Adeojo who is the founder of Elizade Motors as well as the National Chairman of Nigeria Bilateral Economic Forum in Lagos Nigeria. 

Also in Lagos, Hon. Buchi George revealed that on the same day, they held another meeting with Dr Cosmas Maduka the founder of  Coscharis Motors as well as the National Vice Chairman of Nigeria Bilateral Economic Forum and many others. 

He revealed that the meeting was strategic to the planning of the event billed for October 2021, adding that more moves will still be made to ensure a successful outing. 

"We are looking at an event that will not be tied to neither the government nor the private sector but one that will bring the kind of economic development that will favour both parties" 

"It is an event that belong to everyone which we're achieving through this kind of strategic partnership that will yield strategic results in both economies"  he said. 

Hon. Buchi George further stated that they have had more meetings and will still be involved in others to ensure every relevant organization is carried along for optimal output. 

"We also held meetings with officials of Poland and Japan embassies as well as officials of Taiwan Trade Office in Abuja" 

"The next stop for us is the Nigeria Chamber of Commerce and Industry, where we're expected to reach an agreement that will play a strategic role in the event" he added. 

Hon. Nwabueze Buchi George in our previous report  stated that one thing they do is to pay attention to economies that are working, to see what Nigeria can take home, adding that it is one of the reasons for Nigeria – Korea Trade Mission and Business Delegation of Industries, Investment, and Commerce.

He said that the event is designed to improve bilateral trade between the two countries, adding that Japan’s rise as one of the biggest economies in the world is something to emulate and their technological prowess is also one thing Nigeria needs to copy.

“This program covers all sectors, tech, agro, and other businesses. What we are doing is simply to matchmake our people with their counterparts from Korea and of course with the support the Ministries of Trade and Investment in both countries”

“We are working with both governments and we are looking forward to a fantastic outing in this October 2021”, he added.

Trade Diplomacy: It's Intervention in Economic Growth

 

 

Trade is no longer just about buyers and sellers, shipping and marketing, firms and distributors. Nor is it only about customs officials and border inspections, tariffs and quotas, export subsidies and import licenses. Over the past three millennia, trade has moved from being a series of infrequent journeys to meet unknown peoples, to exchange familiarity for the exotic benefit of rulers and elites, to being today a primary driver of global economic growth. Trade as a percentage of world economic output has increased from around two percent in the early nineteenth century to nearly 35 percent in the year 2000.

Trade today is an inescapable, indispensable component of a global economy that enables the world’s billions to work, earn a living, and consume and invest the fruits of their labours. Without international trade, there can be no global economic prosperity. The dramatic increase in trade relative to overall global economic activity is a metaphor for the increasing necessity for people across the world to engage with one another: to deal with each other’s differences and to do business with one another. Alongside this great rise in international trade has been a parallel increase in another fundamental and essential human activity: diplomacy.

Until recently, diplomacy that addressed trade issues tended to be viewed as a narrow and technical subset of diplomacy, Peripheral and subordinate to international security issues. But the diplomacy that makes trade possible and profitable is no longer just about nation-state governments, bilateral trade liberalization treaties, multilateral trade organizations and Free Trade Areas.

Trade diplomacy as it has evolved to this day is about much more than that, as the following story attests.

Trade diplomacy can be seen as the use of diplomatic means to support Trade or commercial activities such as export and foreign direct investment (FDI), pursued with means and resources available to the country aiming at economic stability, welfare and a national competitive advantage.

It could also be seen as the deployment of diplomatic tools by business representatives to promote and support business interests across national borders, with the aim to obtain value in terms of both strategic and economic benefits.

Trade diplomacy focuses on development of business between two countries. It aims at generating commercial gains in the form of trade and inward and outward investment by means of business and entrepreneurship promotion and facilitation activities in the host country. Commercial diplomacy is pursued with the goal of gaining economic stability, welfare, or competitive advantage.

As a term, Trade/commercial diplomacy emerged in the second half of the twentieth century, but the concept certainly existed in previous centuries. In literature the concepts of economic diplomacy and commercial diplomacy are often used interchangeably. Definitions of both concepts vary, and consequently the relationship between them is also described differently. Some authors argue that commercial diplomacy is a subset of economic diplomacy. 

 Trade diplomacy emphasizes the government's role, being defined as "a government service to the business community, which aims at the development of socially beneficial international business ventures". It is "the work of diplomatic missions in support of the home country's business and finance sectors and includes the promotion of inward and outward investment, as well as trade". Commercial diplomacy thus includes "all aspects of business support and promotion" including investment, tourism, R&D, and intellectual property.

                                         

Trade diplomacy is designed to influence foreign government policy and regulatory decisions that affect global trade, investment and commerce. It is concerned with government regulations and actions that affect international commerce—including standards in areas such as health, safety, the environment, and consumer protection; regulations covering services such as banking, telecommunications and accounting; competition policy and laws concerning bribery and corruption; agricultural support programs; and industrial subsidies. Potter (2004) argues that Trade diplomacy is a value-creating activity due to its usefulness in dealing with managerial and government concerns.

In this context, Trade diplomacy is profitable that it makes exporting and operating abroad easier; it is a valuable instrument for export promotion and operating abroad; it enables companies to perform tasks abroad more quickly and increases the amount of exports and company results by providing information about rules, regulations, culture, public tenders and the market of the host country; by providing support during the partner search; and by providing assistance in trade disputes, fairs, and missions. Especially for companies that have financial limitations, access to reliable information and a broad network abroad are essential.

The aforementioned subject is brought to you, courtesy of National Mail.

National Mail is an online news platform of Globe Chamber of Commerce and Trade Nigeria that focuses on business development, Investment, trade, economic exchange and development. 

Follow National Mail on twitter, LinkedIn, and Nairaland for your one stop news update! 

In Focus: Nigeria - Norway Economic and Investment Forum, Oslo, Norway.

 

  

Ensuring business stability is part of the preparatory for post Covid-19 era, Trade Nigeria in Partnership with Globe Chamber of Commerce and Industry, has rolled out a brand new plan ‘ Nigeria - Norway Economic and Investment Forum’ for 2022. 

Nigeria - Norway Economic and Investment Forum is part of the efforts of the Trade Nigeria organization to strengthen trade between Nigeria and other country as well as Africa and other continents.

The event which is scheduled for 2022 will be joining other plans set aside by Trade Nigeria for the post Covid-19 era.

Hon. Nwabueze Buchi George, the President of the organization said Nigeria and Norway will have a lot to offer each other, “We can learn, trade and share both technologies and strategies to make both nations better”

“It will be a joint trade mission, state visit, business delegation of industry, investment and commerce to Oslo, Norway. While over there, our people have a lot to learn from how they have been pulling through, and I believe it will be a wonderful experience” Buchi George added.

Nigeria - Norway Economic and Investment Forum joins the list of other events like Nigeria - Austrialia Economic and Investment Forum, sydney, Australia, Nigeria - Canada Economic and Investment Forum 2022, Nigeria – Malta Joint Trade Mission and Business Delegation 2022, Nigeria- Vietnam Economic and Investment Forum 2022, among others, designed to give the business climate a boost in 2022.

Hon. Nwabueze Buchi George said; “although 2021 began with a rough patch for business owners, but we believe 2022 will be different, by then the world would have been healed and get over this pandemic. We’re making plans to make it easier, since one thing that has always solved trade problems is international collaborations”

"Nigeria – Norway Economic Forum is simply one the numerous business collaboration platforms we can create as a quick recovery plan for Nigeria and other nations of the world” he added.

The event has been scheduled for 2022 and Hon. Buchi George added that “things will become clearer as we move on.

Trade Nigeria: We are Encouraging the growth of Nigeria.

 

 

Trade Nigeria is showcasing and growing the Nigreian through her numerous trade/business programmes across continents.

The Organization is actually designed to promote, protect and develop platforms and programmes that will help local business thrives beyond Nigeria as well as contribute ideas that will not only enhance the overall economic stability of Nigeria, but also encourage both national and international interests in local businesses in the country.

Nigeria’s economic performance in 2021 has been positive so far as the economy reopens for business after last year’s lockdown, which caused the worst recession recorded in 33 years.

According to the recently published GDP report released by the National Bureau of Statistics (NBS), Nigeria’s Gross Domestic Product (GDP) grew by 5.01% (year-on-year) in real terms in the second quarter of 2021, marking three consecutive quarters of growth following the negative growth rates recorded in the second and third quarters of 2020.

Year to date, real GDP grew 2.7% in 2021 compared to -2.18% for the first half of 2020. However, quarter on quarter, real GDP contracted at 0.79% in Q2 2021 compared to Q1 2021, reflecting slightly slower economic activity than the preceding quarter largely due to the seasonality effect.

Nigeria’s Service Sector which makes up about 55.6% of GDP was the major reason for the growth, as the Trade Sector was the major driver of growth contributing about 64% to Nigeria’s growth rate. The Trade Sector which currently contributes about 16.66% of GDP rose by a whopping 22% in the second quarter of 2021, it’s fastest since at least 2016.

Despite the economic growth, which also is the fastest quarterly economic growth in over 5 years, Chief Executive Officer of Financial Derivatives Company Ltd, Mr Bismarck Rewane warned that Nigeria’s positive Gross Domestic Product has yet to have a significant impact on socio-economic conditions.

Still, the GDP growth can be seen as the economy “healing” from a string of bad policies over the last few years that adversely affected the ease of doing business and investor confidence in Nigeria, such as the border closure, which was a major driver of food inflation and stifled cross-border trade between Nigeria and its other West African neighbours..

In particular, the closure (which the government has since jettisoned) affected Nigeria’s relations with Ghana, as Ghana’s Foreign Minister, Shirley Ayorkor Botchwey, said last year that Nigeria’s border closure in 2019 hurt Ghanaians and nearly bankrupted many Ghanaian export businesses after their goods were stuck at the Seme Border for months.

In a separate statement, the Ghanaian government said it imposed the $1 million levy on traders in the country, including Nigerians, due to certain steps that were taken by the Nigerian government including the border closure.

 

Ideas that will Reform And stimulate Economic Growth In Nigeria

The era of the norm of waiting for the government to find money to sort out the economy is over. While a shift towards decentralization is politically appealing, the perceived economic gains are likely to be illusionary. To move the economic needle, emphasis must be on greater private sector involvement in the management of large parts of the economy (most sectors outside of basic education, primary healthcare, and defense). The big policy reforms required are a mix of privatization, liberalization, and commercialization of large sectors of the economy.

Firstly, growth is unlocked when capital (private or public) and management expertise is deployed towards expanding the capacity of a sector to deliver more goods and services to either Nigerians or the rest of the world. Given the perennial limited resource constraints facing Nigeria’s government due to a low tax base, a function of underlying economic structure (little to do about tax evasion or avoidance), the big growth outcomes (read telecoms) occurred when government gave up its strategy of investing puny amounts in a sector and allowed private capital (foreign and/or local) and their focus for making money to do the heavy lifting. With adequate regulation as in the telecoms case, the gains can astronomical and focal sectors quickly become net positive for tax and employment as the telecommunications sector is now a large contributor to tax receipts and employer of labour.

Secondly, Nigeria’s most abundant resource is low-skilled labour which as was the case with China (and unlike India which had a higher share of educated citizens) is more suited for industrialization vs. a services dominated economy. However, Nigeria’s present economic structure is dominated by capital intensive sectors with limited requirements for low-skilled labour.

A progression to a services-led economy will lead to the exclusion of a large segment of society which has long-term implications for social unrest. Accordingly, the policy can and should look to re-focus economic activities towards the absorption of the large mass of low-skilled labour to place economic growth on a more sustainable footing. This path obviously runs through agriculture and manufacturing. This does not mean taking the eye off services, as a friend would say, you can run and chew gum at the same time. It just means we know where the strategic imperative lies.

Thirdly, Nigeria’s external sector is highly vulnerable to oil price shocks which propagate themselves across the economy in reduced consumption and trading activity and inflation. Solving this problem entails ensuring food independence across selected tubers and grains, to a large extent, and given Nigeria’s oil resources, energy independence to a lesser extent.

To use the language of differential calculus, these two are necessary conditions, a sufficient condition for sustainably sorting external sector vulnerabilities requires not just food and energy independence but significant ramp-up in non-oil manufacturing exports to which potential exists. While scope exists for increased service exports given Nigeria’s financial and growing technology sector, boosting non-manufacturing exports requires over the near term a focused industrial policy targeting competitive key agro-allied and low-valued manufacturing products.

Given the last item, a key goal of economic policy should be towards raising the competitiveness of Nigeria’s non-oil exports which will require significant investment in infrastructure (power and transport) to lower production costs, improved security within Nigeria’s borders, lower capital costs, and let’s say an ‘appropriately aligned’ real exchange rate that seeks to exploit the geographic realities of being surrounded by CFA.

Reform Ideas:

§          Privatization & Liberalization of Nigeria’s logistics sector (rail, road, ports, airports & post):  if the 2000s are to be characterized by reforms of telecommunications and the 2010s as the era of power sector reforms, then the natural progression is to decisively address big bang reforms to Nigeria’s logistics and transportation sector. Policy focus must be daring and ambitious with a drive to ensure to the extent the permissible frictionless movement of goods and services between the various parts of Nigeria using the most efficient means possible.

 

§     Private financed Infrastructure delivery and management but public ownership: The FGN is clearly at the limits of fiscal abilities and realistically, increasing fiscal support for infrastructure delivery will translate to unsustainable public debt levels. Rather than pushing leverage to unsustainable levels for projects where there is a weak political will to impose cost-reflective tolls, the FGN should simply package these projects into dedicated private infrastructure funds which retain public ownership but provide long-term concession arrangements. Target the big Nigerian infrastructure projects: rail, ports, key arterial roads, and bridges.

 

§     A food-centric industrial and trade policy: As noted earlier, fixing Nigeria’s external account vulnerabilities entails ensuring food independence. Addressing this entails a more targeted attempt at raising aggregate output and yields on key food crops (grain, tuber), animal products (milk, meat, poultry, fish) interspersed with selected cash crops (such as cashew for example) to provide the right blend. Alongside, work on infrastructure, the policy should focus on driving large scale commercial investing alongside well-designed community out-grower programs for target commodities. Gains from here are crucial towards driving down food prices.

Given the downward outlook for oil prices (due to the secular shift called climate change), the outlook for Nigeria’s oil sector is bleak. As such Nigeria will need to find a credible solution to the external account imbalance problem that dogged growth between the 1980s – 1990s and since 2016.  Given our population size and high youth population, Nigeria needs a new plan for growth. As in the early 2000s, this requires another big push towards cultivating private capital into underserved sectors to move the wheel of growth onto a new plane.

The subtext for this piece is drawn from a book of a similar title by Ben Bernanke which chronicles the logic behind his decision at the peak of the global financial crisis to act ignoring the armchair idealists. Seizing the urgency of the times requires the adoption of bold reforms that will attract and inject private capital with the promise of efficient management into dormant sectors of the economy with government taking the backseat of regulation.

5 countries in three months: We are projecting Nigeria to the world -Trade Nigeria

 

Trade Nigeria In partnership with Globe Chamber Of Commerce and Industry are coming up with series of events designed in projecting Nigerian businesses to the global community. According to the Chairman of Trade Nigeria, Hon. Buchi George, Trade Nigeria is taking businesses in the country to the world.

Speaking in Abuja Nigeria, Hon. Buchi George said, the main aim of the progrsmmes is to create a conducive atmosphere for economic activities to thrive beyond the shores of the country.

He said that the Prgrammes are designed to promote, protect and develop platforms that will help local business thrives beyond Nigeria as well as contribute ideas that will not only enhance the overall economic stability of Nigeria, but also encourage both national and international interests in local businesses in the country.

Earlier through a message on the official website of the organization, the business gaffer said; “Trade Nigeria is a global showcase for all industry stakeholders and its reputation alone attracts a vast international audience. It provides the most diverse range of exhibitors from core sectors of the trade industry: Business, Investment, Economic Exchange, Manufacturing Technology, Trade, and Commerce”

 “With over 1000 exhibitors from all over the world, it’s a very effective and efficient way to meet with potential customers and suppliers”

Speaking further, Hon Buchi George said with the level of planning and number of delegations on board success of the event cannot be negotiated, citing Investors/Delegation meet and greet; Nigeria Joint Trade Mission Power and Renewable Energy Exhibition; Nigeria Joint Trade Mission’s Commerce and Business Round table Meeting; Mining Business Investment in Nigeria by Investment companies and Public Private Partnership (PPPA) Initiative, Building Economy for Mutual Benefit to all the countries involved.

Other areas of interest includes Nigeria Investment opportunities as investment destination; Nigeria Business Forum; Display of non-functioning industries in Nigeria for Investors takeover; Exhibition of goods and services from Nigeria amongst others.

“The Joint trade missions to Korea, Poland, Qatar, Taiwan and Japan, there is still more to come as we will stop at nothing until Nigeria becomes a global business hive” the Chairman concluded.

The programmes will be powered by Trade Nigeria In partnership with the Office of the Secretary to the Government of the Federation (OSGF), Nigeria Ministry of Foreign Affairs Abuja, Globe Chamber of Commerce and other MDAs,

 

South Korea in focus

 

South Korea is a country in East Asia. It occupies the southern portion of the Korean peninsula. The country is bordered by the Democratic People’s Republic of Korea (North Korea) to the north, the East Sea (Sea of Japan) to the east, the East China Sea to the south, and the Yellow Sea to the west; to the southeast it is separated from the Japanese island of Tsushima by the Korea Strait. South Korea makes up about 45 percent of the peninsula’s land area. The capital is Seoul (Sŏul).

South Korea faces North Korea across a demilitarized zone (DMZ) 2.5 miles (4 km) wide that was established by the terms of the 1953 armistice that ended fighting in the Korean War (1950–53). The DMZ, which runs for about 150 miles (240 km), constitutes the 1953 military cease-fire line and roughly follows latitude 38° N (the 38th parallel) from the mouth of the Han River on the west coast of the Korean peninsula to a little south of the North Korean town of Kosŏng on the east coast.

The Korean Peninsula extends southward from the northeastern part of the Asian continent. The country has a long history and proud tradition. Buddhism and Confucianism have influenced the nation's society and culture.
Koreans, like many other Asian peoples, are descendants of the Mongolian Tungus stock. They differ from the neighboring Japanese and Chinese, however, in that Koreans are a homogeneous ethnic group with their own language, culture, and customs.
Over the last several decades, South Korea has transformed herself from an agrarian society to an industrial leader on the world economic scene. Progress is being made in education, science and technology and social welfare.
In 2002 South Korea has co-hosted, the FIFA World Cup™ tournament.

After World War II, a republic was set up in the southern half of the Korean Peninsula (in August 15, 1945) while a communist-style government was installed in the north.
The Korean War (1950-53) had US and other UN forces intervene to defend South Korea from North Korean attacks supported by the Chinese. An armistice was signed in 1953 splitting the peninsula along a demilitarized zone at about the 38th parallel. Thereafter, South Korea achieved rapid economic growth, with per capita income rising to 13 times the level of North Korea.
In 1997, the nation suffered a severe financial crisis from which it continues to make a solid recovery. South Korea has also maintained its commitment to democratize its political processes.

In June 2000, a historic first south-north summit took place between the south's then President KIM Dae-jung and the north's leader KIM Chong-il. In December 2000, President KIM Dae-jung won the Noble Peace Prize for his lifelong commitment to democracy and human rights in Asia. He was the first Korean to win a Nobel Prize.

Political system
South Korea is a presidential representative democratic republic, specified by the constitution. Legislative power is vested in both the government and the National Assembly.
Head of state is the President; the president is also the chairman of the cabinet, the chief executive of the government, and commander-in-chief of the armed forces.
If the National Assembly votes against a presidential decision, it will be declared void immediately. Head of government is the Prime minister.

 

Diplomatic Missions
Permanent Mission of The Republic of Korea to the UN
South Korea's representation to the United Nations.
Embassy of the Republic of Korea
Washington, D.C.
South Korea's' Overseas Missi ons
Directory of Korean Missions Abroad.
Diplomatic Missions in Korea
List of foreign Consulates, Embassies and Organizations in Korea.

 

South Korean Brands

Hyundai Group
The South Korean conglomerate (Chaebol) includes Hyundai Automotive Group, Hyundai Department Store Group, and Hyundai Heavy Industries Group.
KIA
South Korea's second-largest car manufacturer.
LG (short for „Lucky GoldStar“)
A Korean Global Business Group.
Samsung
The multinational company is by far the largest conglomerate (Chaebol) in South Korea, it is headquartered in Seoul.

DaeWoo Korean was a manufacturer of cars and electronic, it was dismantled by the Korean government in 1999. Daewoo was the second largest conglomerate in Korea after the Hyundai Group.

POSCO
A multinational steel-making company headquartered in Pohang, a port city at the Sea of Japan (East Sea) in Gyeongsangbuk-do province..

Hankook Tire
South Korean manufacturer of tires for passenger cars and trucks, it is the 7th largest tire company in the world.

largest tire company in the world.

Cities
Seoul
The Municipality of Seoul, the capital city of South Korea.
Seoul Culture & Tourism
The official city guide by Seoul Metropolitan Government Tourism Division.
Busan
Busan, the major port is the second largest city in South Korea after the capital Seoul, located at the southeast end of the Korean peninsula on the shores of the Sea of Japan (East Sea).
Colorful Daegu
Daegu or Taegu, is Korea's fourth largest city, located in Gyeongsangbuk-do province.
Daejeon
Daejeon or Taejon, South Korea's fifth-largest is located in the center of South Korea in Hoseo region.
Gwangju
Gwangju or Kwangju, the sixth largest city in South Korea is located in the south west of the Korean peninsula in the center of the agricultural Jeolla region.
Incheon
Incheon Metropolitan City, located in northwestern South Korea is home to Incheon International Airport (IATA: ICN), the largest airport in South Korea.

Education

Korea University
Private university in the South Korean capital Seoul. The institution was founded in 1905, partly by imperial funds, as the first modern college of the country with the name Boseong College.


Flagship Korean National Universities
The Korean Flagship Universities are designated as the provincial centers of higher learning. The Korean government created flagship National Universities for each province between 1946 and 1968.

Seoul National University (SNU)
Major teaching and research university, founded in 1946; ... designed to provide students with a sound understanding of humankind and the world...
Pusan University (PNU)
The university in Korea's second largest city Busan was established in 1946.
...a cradle for the creative technical experts who will lead the advancement of the machinery industry...
Jeju National University
Jeju University has several professional graduate colleges including a Department of Beauty and Cosmetology, the university is located in Jeju City, Jeju province, it was founded in 1952.
Kangwon National University (KNU)
Regional flagship educational institution in Chuncheon, Gangwon-do province.
Kyungpook National University (KNU)
University in Daegu Metropolitan City, it has four campuses in Gyeongbuk province.
Chonbuk National University (CBNU)
A national research university in Jeonju, Jeollabuk-do province (North Jeolla).
Chonnam National University
One of the five major national universities of South Korea, located in Gwangju, Jeonnam province.
Chungbuk National University (CBNU)
A major university in North Chungcheong Province, located in Cheongju, the province capital.
Chungnam National University (CNU)
A national university for liberal arts, agricultural sciences and engineering sciences in Daejeon in Hoseo region.
Gyeongsang National University (GNU)
A national university with degree courses in arts, social science, natural science, engineering, agriculture and life science, management, veterinary, education, nursing, and medicine. GNU is located in Jinju, South Gyeongsang Province.


The National Library of Korea
The Korean National Library is located in Seoul, founded in 1945. The library has over 10 million volumes, including over 1.2 million foreign-language books and some of the national treasures of South Korea.

Nigeria -South Korea Economic and Investment Forum 2021: the programme will be strategic in our economic recovery - Hon. Buchi George

 

Trade Nigeria in partnership with Globe Chambers of Commerce and Industry, the Federal Government of Nigeria, The Nigeria Ministry of Foreign Affairs and the South Korea Embassy, Nigeria is putting up the Nigeria - Korea Economic and Investment Forum 2021.

With the Korea-Africa version of the event failing to hold in 2020 due to Covid-19 restrictions, the organization is using Nigeria – Korea version of the event a bid to step up so that other African countries will benefit from its dividends.

Nigeria - Korea Economic and Investment Forum 2021, is strategically structured in two sections. Section A, will be held in Seoul, South Korea from the 14^th - 15^th of October 2021 is strictly for G2G and G2B, while the Section B, designed for Busan, South Korea from the 22^nd to 25^th of October 2021 will be for B2B, B2C meetings and industrial visit. The programme has been strategically planned with a lot of networking point for Korean and Nigerian as well as African investors as Trade Nigeria is proposing that the best way out of the global economic crisis is multiple and strategic collaborations.

Hon. Nwabueze Buchi George, the Chairman of Trade Nigeria, in an announcement about the event said, strategic partnership is key to global development at the moment. the forthcoming event will be strategic in the economic recovery of Nigeria as well as Africa.

“The Covid-19 pandemic has shown us few things. We have learnt a few lessons that the most important thing is humanity and every sustainable plan that will make us live well in a good environment. I feel we’ve also come to understand during the lockdown that we’re all patches of islands, but together, we are the world”

“No nation has everything, so we all need to get other things in a way that will be mutually beneficial to all of us”, he added.

He revealed that in Asia as well as the global economy, Korea has always been a key player where Africa can learn a lot from in terms of industrialization, human capital development and strategic planning.

The Chairman said that Trade Nigeria has strategically looked into what Nigeria and Korea can mutually offer each other and there is a whole lot in various sectors.

“There is a reason we expanded the programme to multi-sectorial not just for the benefits of Nigerians but for African at large. We understand that the economy of one’s neighbours can affect his own, so we believe that if we look beyond Nigeria to develop the entire African content, we will be getting it right”, he concluded.