Nigeria
and Singapore have sealed talks on opening up direct air links between
both countries and leveraging on each other’s competitive and
comparative advantage for a mutually beneficial trade and investment
relationship.
The two countries, according to a statement made available to LEADERSHIP yesterday have agreed to collaborate in the areas of medical tourism, capacity development, skills acquisition and enterprise development, among others, while putting machineries in motion for investment guarantee and a fair taxation regime.
“The agreements were reached at a meeting between the Nigerian Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, and the Singaporean Minister for Trade and Industry, Mr S. Iswaran, on the sidelines of the Nigeria-Singapore Business and Investment Forum in Singapore,” the statement said, adding, “Aganga said direct air services (links) between Nigeria and Singapore would provide a good foundation for unrestricted business movement and growth, in addition to a mutually favourable trade and investment relationship between both countries.”
On his part, the Singaporean minister said, “Once we open up the links, the people will follow and businesses too. Nigeria is a large country in its region and there are a lot of opportunities. Singapore is also an important gateway in this region. If we explore these advantages, the two countries will be better for it.”
The Singaporean government, however, revealed that already, arrangements had been concluded to have direct flights to Singapore from Nigeria, noting that the Ethiopian Airlines would commence direct flights from Nigeria to Singapore in December, this year.
The Nigerian Investment Promotion Commission signed a Memorandum of Understanding with the Enterprise International Singapore Board in five key areas - collaboration in the growth sectors of the economy, sharing information and best practice, mutual support in business missions and capacity development facilitation.
The Singaporean trade minister, however, noted that the Double Taxation Agreement talks between both countries had reached an advanced stage, adding that further improving the business climate and providing investment guarantee would create a good level of comfort for businesses on both sides.
Aganga, who noted that an agreement had been reached to develop a smart city in Abuja (a mini-Singapore), also urged Singapore to take advantage of opportunities in Nigeria’s Free Trade Zones, to create good avenues for investment while also creating jobs and generating wealth for Nigerians.
Earlier during his presentation, the Managing Director of the Nigerian Export Processing Zones Authority, Mr. Gbenga Kuye, had pointed out that the Free Zone Scheme was presently undergoing strategic reforms to adequately reposition it to meet the nation’s quest for industrialisation.
Nigeria and Singapore have, however, agreed to start off the process of establishing the Nigeria-Singapore Trade and Investment Council, starting first with the setting up of the chamber of commerce (private sector-to-private sector) in both countries this year.
According to Iswaran, the Singapore Business Federation, which works with all the businesses in Singapore, will facilitate the Council on the side of Singapore. The Council is an institutional framework for working on increasing the level of trade and investment between both countries under a win-win situation.
“The business environment in Nigeria is getting better and better, in line with the Transformation Agenda of Mr. President. And the story of Nigeria is being told the right way in major countries of the world. The result is that Nigeria is better viewed and investments are coming. This is the reason, for the second year running, Nigeria is the preferred destination for investment in Africa, according to UNCTAD’s figures,” Aganga noted.
Culled from Leadership
The two countries, according to a statement made available to LEADERSHIP yesterday have agreed to collaborate in the areas of medical tourism, capacity development, skills acquisition and enterprise development, among others, while putting machineries in motion for investment guarantee and a fair taxation regime.
“The agreements were reached at a meeting between the Nigerian Minister of Industry, Trade and Investment, Mr. Olusegun Aganga, and the Singaporean Minister for Trade and Industry, Mr S. Iswaran, on the sidelines of the Nigeria-Singapore Business and Investment Forum in Singapore,” the statement said, adding, “Aganga said direct air services (links) between Nigeria and Singapore would provide a good foundation for unrestricted business movement and growth, in addition to a mutually favourable trade and investment relationship between both countries.”
On his part, the Singaporean minister said, “Once we open up the links, the people will follow and businesses too. Nigeria is a large country in its region and there are a lot of opportunities. Singapore is also an important gateway in this region. If we explore these advantages, the two countries will be better for it.”
The Singaporean government, however, revealed that already, arrangements had been concluded to have direct flights to Singapore from Nigeria, noting that the Ethiopian Airlines would commence direct flights from Nigeria to Singapore in December, this year.
The Nigerian Investment Promotion Commission signed a Memorandum of Understanding with the Enterprise International Singapore Board in five key areas - collaboration in the growth sectors of the economy, sharing information and best practice, mutual support in business missions and capacity development facilitation.
The Singaporean trade minister, however, noted that the Double Taxation Agreement talks between both countries had reached an advanced stage, adding that further improving the business climate and providing investment guarantee would create a good level of comfort for businesses on both sides.
Aganga, who noted that an agreement had been reached to develop a smart city in Abuja (a mini-Singapore), also urged Singapore to take advantage of opportunities in Nigeria’s Free Trade Zones, to create good avenues for investment while also creating jobs and generating wealth for Nigerians.
Earlier during his presentation, the Managing Director of the Nigerian Export Processing Zones Authority, Mr. Gbenga Kuye, had pointed out that the Free Zone Scheme was presently undergoing strategic reforms to adequately reposition it to meet the nation’s quest for industrialisation.
Nigeria and Singapore have, however, agreed to start off the process of establishing the Nigeria-Singapore Trade and Investment Council, starting first with the setting up of the chamber of commerce (private sector-to-private sector) in both countries this year.
According to Iswaran, the Singapore Business Federation, which works with all the businesses in Singapore, will facilitate the Council on the side of Singapore. The Council is an institutional framework for working on increasing the level of trade and investment between both countries under a win-win situation.
“The business environment in Nigeria is getting better and better, in line with the Transformation Agenda of Mr. President. And the story of Nigeria is being told the right way in major countries of the world. The result is that Nigeria is better viewed and investments are coming. This is the reason, for the second year running, Nigeria is the preferred destination for investment in Africa, according to UNCTAD’s figures,” Aganga noted.
Culled from Leadership
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