Seoul: The South Korean Government strengthened ties with Nigeria this week by signing a shipping and tax agreement that exempts South Korean firms from double taxation and is expected to increase Korean investment in Nigeria. Ocean trade between the two countries is likely to rise as a result of the memorandum of understanding (MOU) that allows South Korean firms a stake in a Nigerian operational oil field in exchange for long-term, low interest commercial loans for a railway modernization program linking Port Harcourt on the Gulf of Guinea with Maldugun in Nigeria's north eastern region. [09/11/06]
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