Mr Edet Akpan, Permanent Secretary, Federal Ministry of Industry, Trade and Investment, has urged the Vietnamese business community to explore the favourable policies put in place by the Federal Government to invest in the country.

Akpan made the call on Wednesday at the Nigeria-Vietnam Trade and Investment Summit held in Abuja.

According to him, the Vietnamese business community can leverage on the existing favourable policies and the free trade zones to bring in their investments into the country.

“You are already familiar with our laws and regulations relating to foreign investments.

“Nigeria has a very favourable investment rules and tax regimes better than any in Africa.

“Vietnam has excelled in rice production and now exporting rice to over 100 countries.

“So, being that Nigeria has arable land to cultivate rice, they can bring in their investments as well as share their experiences in rice production with Nigerians,’’ Akpan said.

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He added that the two countries can share experiences in agriculture, oil and gas exploration.

“This will solve a lot of problems in the country like unemployment and insecurity, in addition, it will create a lot of jobs and engage the youths meaningfully,’’ he said.

Prince Adetokunbo Kayode, President, Abuja Chamber of Commerce and Industry (ACCI), said that the event was another effort aimed at expanding the already existing trade relations and friendship with Vietnam.

He said that Nigeria and Vietnam must devise more areas of economic cooperation in important sectors like oil and gas, maritime, mining, construction, power, agriculture, cement, transportation, engineering, telecommunications and education.

“This is in order to add maximal value to our economies on a win-win basis and to ensure mutual prosperity,’’ he said.

Kayode emphasised that trade and economic activities were picking up between the two countries.

According to him, as at 2017, the trade volume between the two countries was about 303.83 million dollars.

He added that Nigeria export to Vietnam was about 232.65 million dollars.
“The exports are mainly raw materials, especially cashew nuts.

“On the other hand, we imported from Vietnam goods worth 71.18 million dollars.

“These were mainly mobile phones, electronics, textiles, plastic, chemicals and machinery parts,’’ he said.

He, however, advocated joint projects and establishment of economic zones for Nigeria and Vietnamese companies in Nigeria.

“We want Nigeria-Vietnamese industrial parks all over Nigeria,’’ he said.

Kayode further expressed AACI’s readiness to partner with Vietnamese investors in all the identified sectors.

“We have identified critical sectors like: wood processing, footwear; cashew farming/processing and cotton farming/processing.

“Others are cocoa farming/processing, textile mills, garment industries, motor and tricycle manufacturing and assembly,’’ Kayode said.

He pointed out that Nigeria-Vietnamese joint ventures could be set up to assemble these products.

“This will create a win-win situation for all,’’ he said.

Prof. Vuong Hue, Deputy Prime Minister, Social Republic of Vietnam emphasised the need for Nigeria and Vietnam to have closer trade relations.

According to Hue, Nigeria has the market and the labour and as such both countries need to trade closely, where they have comparative advantages.

(NAN)

SOURCE: https://dailytimes.ng/trade-investment-ministry-woos-vietnamese-investors/amp/