KOTRA, Nigeria Investment Promotion Commission Invited Investment Facilitation Training

May 5-8 at KOTRA Headquarters
Sharing Know-How on Attracting Foreign Investment

The Ministry of Trade, Industry and Energy and KOTRA announced on the 4th that they will hold the "Nigeria Capacity Building Cooperation Program for the Implementation Support of the World Trade Organization (WTO) Investment Facilitation Agreement" at KOTRA headquarters in Seocho-gu, Seoul, from the 5th to the 8th.

This program aims to strengthen the capacity of developing countries to implement the "Investment Facilitation Agreement for Development," which was concluded at the 13th WTO Ministerial Conference in February this year. It focuses on improving the global investment environment by encouraging countries to transparently disclose investment-related regulations and simplify administrative procedures.

Headquarters of the Nigeria Investment Promotion Commission (NIPC)
Photo by Investment Promotion Commission

This year, public officials from the Nigeria Investment Promotion Commission (NIPC) are invited to share Korea's experience and know-how in attracting foreign investment. The training content emphasizes practical capacity building in areas such as Korea's foreign direct investment system and framework, investment administration practices, incentives, and site selection systems. Additionally, on the 7th, participants will have the opportunity to attend the "Invest Korea Summit 2024." They will also visit "Invest Seoul," an institution promoting foreign investment attraction in Seoul, to broaden their field experience.

The Ministry of Trade, Industry and Energy expects this cooperation to contribute to enhancing the transparency of investment attraction systems in promising developing countries. Through this, it is anticipated to alleviate administrative barriers that Korean companies may face when investing overseas and to serve as an opportunity to expand Korea's foreign investment attraction system on the global stage.

The ministry has been operating various capacity-building programs through KOTRA’s Foreign Investment, Domestic Return, and Talent Attraction Comprehensive Administrative Support Center according to the needs of developing countries. Last year, similar programs were conducted targeting Kazakhstan and Morocco.

Kim Chang-hee, head of KOTRA’s Foreign Investment, Domestic Return, and Talent Attraction Comprehensive Administrative Support Center, said, "This visit by Nigeria to Korea is an important opportunity to improve the global investment environment," adding, "We will share Korea’s successful foreign investment attraction experience with Nigeria to support the strengthening of investment facilitation capabilities."