WITH mounting worries over the manifest constraints to business growth in Nigeria, top diplomats and businessmen, on Tuesday, prescribed pro-active and suitable economic policies for the country, to effectively position the economy for global challenges.The experts, at a one-day symposium to commemorate the 64th independence of South Korea, organised by the Nigerian Institute of International Affairs (NIIA), in collaboration with Research Intelligence Magazine, also called on the government to establish more commercial chambers in reputable countries, tackle the issue of national security, and eliminate of double taxation.South Korea's Ambassador to Nigeria, Choi Jong-Hyun, stated that businessmen from his country were still smarting from the Federal Government's policy reversal on the Oil Production License (OPL) given to a South Korean firm, even as this had been a deterrent to investment into the country.Jong-Hyun assessed South Korea's investment profile in Nigeria at $200 million, which he described as 'quite small', compared to other investments in Asian and South American countries and that the level had even reduced to a mere $3.6 million, due to the OPL dispute.He suggested that government needs to improve the current business climate, find an amicable solution to the OPL dispute and solve the issue of double taxation.'Business thrives in a stable and predictable environment which has good transportation. Korea is a reliable partner for Nigeria to achieve its transformation agenda and we are eager to help' Jong-Hyun addedTo him, South Korea and Nigeria share many similarities, having passed through the same plight presently being experienced by the West African nation 'And this is why the country continues to maintain stable relation, which immensely contributes to the growing presence of South Korea in Nigeria's economy.'He added that Koreans have expressed interest in many areas that they would like to invest in the country and that Nigeria can tap from the Far East Asian country's experiences in the areas of power supply, ship-making, nuclear power generation, biofuel blending and electricity generation as South Korea produces 70,000 mega watts of power for its 50 million people.Nigeria's Ambassador to South Korea, Desmond Akwawor similarly stressed that issues of national security, Internet scam, the OPL dispute, banking guarantees, among others, needs to be resolved in order to draw in more FDIs.Akwawor, who clamoured for the setting up of the Nigeria-South Korea Chamber Of Commerce, added that government needs to have proper direct procurement procedures for Build Operate and Transfer projects, and a genuine list of registered trade partners and favourable labour and skill agreement, to ensure quality technology transfer.He said: 'The unprecedented growth of the South Korean economy, with little or virtually no natural resources, is indeed encouraging. It is Nigeria's desire, therefore, to replicate this extraordinary growth, popularly referred to as the 'miracle of the Han River', in a greater dimension, given the enormous natural and human resources Nigeria is endowed with.'Director-General NIIA, Prof. Bola Akinterinwa, in his submission, stated that if a country like South Korea could turn around misfortune and rise past the problems it had to succeed, then Nigeria has a lot to learn from the people.'Our foreign policy is based on attracting FDIs. We sent a delegation to the country and they received us well and they also reciprocated it. We have partnered with research intelligence as part of our mandate to see the reality of our investment from,' he said.Chairman, Juli Pharmacy, Julius Adelusi-Adeluyi, also added that the call for Nigeria-South Korea Chamber of Commerce should not be for monetary gain but for proper development.'FDI has been a topical issue for long both in the inter-governmental and international level. Nigeria has a lot to learn from Korea, which only has a population of about 50 million and started its economic recovery in 1979,' he addedPublisher, Research Intelligence Magazine, Paul Nnanwobu, also added that Nigeria, at this point in time, when it is witnessing internal challenges, needs people who can understand that this is a passing phase in the history of the country and that after the scorching ray of the sun, comes the showers.'Our confidence in the Nigerian economy is as strong as our belief in her democratic sovereignty and for us to truly emerge as a global economic power, and uphold the dream of our founding fathers, we must begin to work in concert with our good allies.'Already, we have the presence of some South Korean companies doing legitimate business in Nigeria but I believe more will still want to come and explore the Nigerian market if adequate and unbiased information is provided to them about the country.'The opportunities and its reward are very immense and we would like to recommend for the establishment of a Nigeria-South Korea Chamber Of Commerce, acting as a private sector vehicle drive the process of further investments and the corresponding rewards. The deepening of South Korea's interests in Nigeria in win-win scenario is achievable for our two great countries,' he added.
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