Nigeria, an investment hub, Kalu tells Indian businesses Founder and President of Slok Group, Dr. Orji Kalu, has described Nigeria as an investment hub for businesses in all sectors.
Kalu said this during an interactive session organised by Prime Electric Group of India in conjunction with Progressive Harmony Development on Tuesday at the PHD Chambers, Delhi, India.
The event had in attendance Ambassador Ndubuisi Amaku, Nigeria Ambassador to India; Suman Jyoti Khaitan, President of PHD; Mr.Surinder Mehta, Chairman of Prime Electric Group of India; Mr. Rohan
Mehta, MD of Prime Electric Group; Chief David Uche; Engineer Raju Singh Gurinder; Mr. Vinay Dalal, CEO of Skipper Electricals (India)Limited; Aditi Luthra of Lexicon Services Limited; Rahul Bhan of
Riskpro India Ventures Limited; V.K Singh of International Tractors; Nidhi Sharma of Bergen Associates PVT Limited; Manisha Bhatia of United Technology; and Sunman Tejpal of Sumex Overseas, among others.
Khaitan, in his remarks, re-affirmed the commitment and passion to strengthen trade relations between Nigeria and India, describing the two countries as identical in features and ideology.
He said Nigeria and India have huge population, vast natural resources, wide market and economic diplomacy among others.
He noted that the delegation is the fourth delegation the PHD Chambers will be hosting in the last four months and described it as a demonstration of partnership.
He promised that Indian investors will expand their scope of businesses in Nigeria in order to contribute to the development process in Nigeria for the benefit of the two countries.
Kalu described Nigeria as the investment destination for all investors.
He noted that Nigeria is blessed with unlimited human and material resources, which are key inputs for business growth, adding: “This is the right time to invest in Nigeria.”
He identified Indian companies such as K Chellarams, Church Gate Group and others as success stories of such partnership in Nigeria. Kalu stated further that foreign direct investment promotes backward
and forward linkages between countries, giving each other the opportunity to focus on areas of comparative advantage.
He said: “No nation is an island.
“We all need to be interdependent in promoting balanced and stable trade activities among nations.”
Kalu noted that doing business in Nigeria will provide opportunities to expand to other neighboring countries to Nigeria such as Benin republic, Togo and Cameroun.
He charged the gathering to ignore negative generalizations on Nigeria and assured them of the support of the government, the organized private sector and the diplomatic mission in fast tracking business
activities between the two countries.
At a dinner in his honour by Nigeria’s High Commissioner to India, Ambassador Ndubuisi Amaku, at the Nigeria House in India on Sunday, Kalu commended the Nigeria High Commission in India on their
initiatives.
In his opening remarks, Amaku said on assumption of office in January
2013, he shared a common mission and vision with the staff of the Commission, with economic and trade diplomacy as the cardinal strategies of promoting and strengthening bilateral relations between
India and Nigeria.
He noted that economic relations between Nigeria and India have increased over the years but can still be better.
He highlighted the friendly business environment and incentives such as tax holiday for pioneer companies, registration/incorporation of business entity within 48 hours and trade finance among others as driving support for bilateral relationships.
Amaku promised the support of the Nigeria High Commission in providing
information and facilitating business deals between the two countries for mutually beneficial relationship.
Kalu described Amaku has a seasoned career diplomat with vast experience in foreign and diplomatic roles and commended President Goodluck Jonathan for posting him to one of the BRICS nations.
He noted that his economic diplomacy initiative has attracted leading Indian companies to Nigeria.
He said: “With this gathering this evening, it is evident that Nigeria and India have renewed their friendship for greater partnership.”
Kalu advised Indian investors to ignore negative perceptions about Nigeria, saying that there is no country without her challenges. He stated further that development comes with its own vices but Nigeria has overcome most of them.
He advised Indians coming to Nigeria to engage in legitimate businesses for the sake of mutually respected relationship.
Kalu also used the opportunity to inform the gathering that theFederal Government of Nigeria has set up a committee on amnesty for Boko Haram in order to put a stop to the activities of the sec.
He commended the Federal Government for the move, which he described
as “strategic.”
He assured investors that with such initiative by the government, doing business in Nigeria will be fruitful.
L-R: The Chairman, Prime Group of India, Surinder Metha; the President, Slok Group, Dr. Orji Uzor Kalu; the President, PHD Chambers, Sunman Jyoti; Nigeria’s High Commissioner to India,Ambassador Ndubuisi Amaku; and the Director of Foreign Relations, PHD Chambers.