South Korea to establish Cultural Creation Convergence Belt in Nigeria

Abuja    –  The Republic of South Korea said it would establish a Cultural Creation Convergence Belt (CCCB) in Nigeria to enrich the development of Cultural contents industry between Nigeria and Korea.

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Mr Noh Kyu-duk, the South Korean Ambassador to Nigeria, made this known during a media chat with newsmen on Wednesday in Abuja.

Kyu-duk said the CCCB would comprise six institutions.

“They will include: Creative Centre for Convergence Culture (cultural contents planning), Creative Economy Leader Venture (commercialisation) and K-Culture Valley.

“Others include: K-Experience and K-POP, Arena (realisation and consumption) and Cultural Creation Academy (Human Resource Development).

“The CCCB is expected to create 53,000 jobs over the next five years,’’ he said.

According to him, Korea’s total amount of cultural export has surpassed “$5.7 billion in 2015’’ and will continue to be a new economic growth engine.

On the economic cooperation between Nigeria and Korea, Kyu-duk said that he was doing his best to foster economic relations between the two countries.

“The annual trade volumes between Nigeria and Korea had exceeded $4.4 billion in 2014, making Nigeria Korea’s 52 largest export market and the 26th biggest import market’’.

The ambassador noted that about 8,000 Nigerians were being employed by more than ten major Korean companies in the key business sector such as oil and gas, electronics and automobiles.

“The President Buhari Government has launched various reform policies such as industrial diversification, job creation, expansion of infrastructure and others.

“The Korean Government is interested in partnering with Nigerian government in those areas of the reform policies.

“I am certain that Korean companies will contribute to Nigeria’s economic growth by increasing trade volume and their investment in the country,’’ he said.

On the Korea-Nigeria Avoidance of Double Taxation Agreement, the Ambassador said that the issue was still pending.

He, however, said that if successful, the agreement would motivate Korean companies to increase their investment and boost their business activities in Nigeria by reducing their tax burden.

According to him, the executive bill for the domestication of the agreement had been sent to the Nigerian National Assembly.

“My embassy is working very closely with the National Assembly; and I must also thank the leadership of the National Assembly for paying great attention to this agreement.

“However, it is my sincere hope that the bill will pass through the house within the next few weeks,’’ he said.

On Korean aid to Nigeria, the ambassador said that the Korean international Cooperation Agency (KOICA) had provided Nigeria with development aid since 1991 mostly in areas of education, vocational training and e-government.

He added that KOICA was building junior and senior secondary model schools in Abuja worth $150 million and also building capacity of e-government worth $8.56 million.

“We have established a vocational training Centre in Lokoja, the Kogi capital, and a rice processing centre in Bida, Niger, among many others.

“In addition, more than 1,500 Nigerians have been invited to Korea to attend various kinds of training for human resource development,’’ he said. (NAN)

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