Nigeria, Taiwan Seek areas of cooperation on trade, investment

AKOR SYLVESTER-Abuja

Nigeria and Taiwan in China are seeking areas of cooperation in trade and investment to boost their economy.

This is as the Ministry of Foreign Affairs of the Republic of China (Taiwan) and the Nigeria Trade Office in Taiwan cohosted the 2022 Nigeria-Taiwan Business Forum at the Taipei International Convention Center via Virtual and Physical at the weekend.

The forum which was attended by leading industry representatives from Taiwan and Nigeria,  focused on the e-commerce market, business environment, and commercial opportunities in Nigeria, exploring potential areas for bilateral trade and investment cooperation.

It also aimed to establish a basis for regular trade and economic exchanges and served to continue the implementation of the Africa Project, a key Taiwan government policy.

Speaking at the event, the Permanent Secretary of the Federal Ministry of Industry, Trade and Investment of Nigeria, Evelyn Ngige said that the forum provided a platform and opportunity to develop the strategic sectors of the two countries.

She noted that the event was an opportunity for both sides to evaluate the existing trade and economic relations and look into ways to improving and exploring other areas on a win-win basis.

The permanent secretary added that she looked forward to expanding ties to socioeconomic activities that would improve the well-being of the two countries.

She also pledged to deepen relations with Taiwan and expressed hope that visiting delegations and physical meetings could be arranged after the pandemic.

In his remarks, Vice Minister of Foreign Affairs Alexander Tah-ray Yui pointed to the complementary areas and competitive advantages of industrial development in the two countries.

He suggested the potential for cooperation in fields including machine tools and equipment, e-commerce, expanding the halal market, the food processing industry, and automotive parts and accessories.

Vice Minister Yui encouraged enterprises from both sides to pursue cooperation.

He urged Taiwanese companies to enter the African market and take advantage of the business opportunities that will emerge after the economic integration of the African Continental Free Trade Area.

To establish a sound legal framework to protect investors from both countries, the governments of Taiwan and Nigeria will update their 1994 agreement on the promotion and protection of investments, he said.

Ibrahim A. Ahmed, Trade Commissioner of the Nigeria Trade Office, mentioned in his speech that Taiwan-Nigeria trade in 2021 reached US$830 million, representing the highest figure in the last five years and indicating increasingly prosperous bilateral economic and trade exchanges between the two countries.

He said Nigeria is set to be the largest African trading partner for Taiwan.

At the forum, official representatives from the Nigerian Investment Promotion Commission and the Executive Director of Nigerian Export Promotion Council, as well as the President of the Taiwanese Chambers of Commerce in Nigeria, shared the latest business information from Nigeria.

A representative from the Export-Import Bank of Taiwan explained how its relending facility could help Taiwanese businesses win African orders.

The forum attracted more than 100 participants from industry and academia in Taiwan and Nigeria. Represented sectors included the food, agriculture, transportation, technology, and computer industries.

 Business leaders from both sides said that forums such as this help build industrial connections and create alliances and partnerships between companies.

The event was particularly helpful for Taiwanese businesses hoping to expand into emerging African markets, as well as Nigerian companies looking to develop Asian markets.

Participants expressed hope that the governments of Taiwan and Nigeria could continue the model of cooperation to provide more corporate networking and matchmaking opportunities in the future.