November 07, 2006/thisday

President Olusegun Obasanjo who yesterday arrived Seoul, South Korea on a two-day official visit aimed at strengthening ties between the two countries, has signed agreements on double taxation and shipping between Nigeria and South Korea.

The two countries signed the double tax avoidance agreement to facilitate more participation by South Korean firms in various projects in Nigeria, to build infrastructure and bilateral cooperation in the IT field.

``I hope the substantial cooperation would further expand to culture, tourism, sports as well as energy and resources,” Roh said. ``I also hope more South Korean firms could take part in Nigeria¡¯s projects to build infrastructure.”

Nenadi Usman, Nigeria Minister of Finance, signed the agreements on behalf of Nigeria while the Korean Acting Minister of Foreign Affairs and Trade, Myung-Hwan Yoo signed for South Korea.

At the opening of bilateral talks between the two countries before the agreements were signed, Obasanjo said Nigeria was determined to catch up with countries like South Korea.

He said Nigeria and South Korea were on the same level of development 50 years ago, but Korea is now a generation ahead.

He said the reforms being undertaken by his administration were aimed at restoring Nigeria to the path of growth, and that the reforms were going on satisfactorily.

``The reforms are already working, especially in agriculture where we have recorded seven per cent growth, as well as the national economy where we have a six per cent growth,\" he stated.

The President said progress was also made in infrastructure development, and appealed to the South Korean President to encourage Korean companies to invest in Nigeria.

Responding, President Moo Hyun Roh, said he was delighted that the agreements reached during his visit to Nigeria in March 2006 were being implemented successfully.

He added that South Korea was ready to encourage its companies to invest in Nigeria. Both Presidents also greed to enhance bilateral ties, by expanding cooperation in energy, resource and plant construction sectors.

In a summit at Chong Wa Dae, Roh and Obasanjo also agreed to make joint efforts to develop bilateral relations into a more substantial one, seeking future-oriented cooperation in such fields as information-technology (IT).

``President Roh asked for the Nigerian government’s support for South Korean firms involved in the oil and gas development projects in the African country and President Obasanjo called for South Korea’s expanded participation in his country’s hydroelectric power generation projects,” he said.

The two heads of state also discussed regional and international issues, such as South Korea’s efforts to resolve North Korea’s nuclear problem in a peaceful manner and Nigeria’s effort to address regional conflicts in Africa.