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INVESTMENT PROMOTION: FG MOVES TO HARMONIZE TREATY WITH NETHERLANDS

 

As part of efforts for a sustainable investment promotion and protection.
The Federal Government has moved to harmonize investment treaty with the Kingdom of Netherlands for the mutual benefits of both countries.

The Permanent Secretary, Federal Ministry of Industry, Trade and Investment Dr. Evelyn N. Ngige stated this at the first round-table negotiation on the investment promotion and protection agreement between the government of the Federal Republic of Nigeria and the government of the Kingdom of Netherlands in Abuja.

The Permanent Secretary maintained that this step would also boost economic activities and strengthen the confidence of investors for a sustainable economic development .

According to the Permanent Secretary, who was represented by the Director Investment Promotion Department in the Ministry, Mrs. Gertrude Orji, says the continuous collaboration between the two countries will impact positively on the Nigeria economic”.

She noted that the essence of the meeting was to deliberate on the draft models, taken into consideration both countries’ policy direction.
Dr. Ngige emphasized that beyond signing the agreement, It is also important for both countries to monitor the implementation and execution of the agreement.

Earlier in his opening remarks, the Chief Negotiator on Investment Promotion of the Kingdom of Netherlands, Robert van den Dool stated that the major aim of the meeting with Nigerian side was to facilitate economic relations between the two countries.
He said his country appreciated the relationship that exists with the Nigerian Government , which he described as one of the pillars of socio-economic development, economic cooperation and integration.
According to him, “This explains why Netherlands has taken the initiative to look at their investment promotion in Nigeria to see how they can make this agreement more reflective in the world we live in today”, he stated.
He added that, this has induced a critical review not only of the bilateral agreement but in general, in a modernized way, acts in promotion and protection of international and social economic development.

Mr. Robert said the negotiating team has engaged on the modernization of economic relations of the two countries and promotion of trade which was originally signed in 1992, adding that, between 1992 and 2023, the world has evolved into a different place.
Director Legal, Nigerian Investment Promotion Council (NIPC), Patience Okala, who is the lead negotiator on the Nigerian side emphasized on the need to preserve the Nigerian policies on investment, stressing that, dispute prevention for investors is also paramount.
She urged both c
ountries to expand the investment dimension of their treaties, as part of efforts to review trade between Nigeria and Netherlands so as to have a sustainable policy.

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