Enugu, Indonesia To Promote Cross-Border Investment And Cash Flow

Enugu, Indonesia To Promote Cross-Border Investment And Cash Flow

The governments of Enugu State and Indonesia plan to encourage increased trade and investment between Nigeria and the Southeast Asian nation in a number of important areas, including agriculture, energy, power, and transportation.

In keeping with the endeavour, Dr. Peter Mbah, the governor of Enugu State, is anticipated to deliver the keynote address at this month’s Nigerian Indonesian Trade and Investment Forum in Jakarta, Indonesia.

According to the Enugu State Government, both parties seek mutual prosperity, capital flows, and the diversification of Indonesian businesses in Enugu.

Enugu, Indonesia To Promote Cross-Border Investment And Cash Flow

The Nigerian Indonesian Chamber of Commerce and Industry (NICCI) in Lagos held a press conference to announce this.

The upcoming forum, “Rediscovering Business Potential in Nigeria,” according to State Government (SSG) Secretary Prof. Chidiebere Onyia, is intended to investigate and promote increased trade and investment between Nigeria and the Asian nation in a number of important industries.

Onyia stated that considering the wealth and potential of the state, Enugu would gain a great deal from the conference.

He emphasized that the state was on the verge of becoming Nigeria’s most outstanding success story, propelled by fundamental economic transformation and industrialization, prudent public financial management, robust trade and investment growth, and inclusive and sustainable infrastructure development.

According to Onyia, Enugu is endowed with undiscovered natural gas deposits. He also pointed out that because of these reserves, the state has an obligation to spearhead the country’s shift to a green economy.

“Enugu is one of the first states to attract investment in Compressed Natural Gas-powered buses and the state has the potential to be a leader in the clean industries of tomorrow,” he continued.

He gave assurances that the state was actively reducing risks associated with investments and removing obstacles that impede the expansion and profitability of such ventures.

Adaora Chukwu, the Enugu State Commissioner for Trade, Investment, and Industry, stated that the governor’s desire to transform the state’s economy from one worth $4.4 billion to $30 billion formed the foundation for the state’s collaboration with the Indonesian government.

She stated her optimism that Nigeria would benefit from the cooperation and draw in industry, capital, and investment. She also noted that the Indonesian government saw it as an attempt to promote shared prosperity, with Enugu State providing experience in some sectors.

Hendro Jonathan Manurund, the Director of the Indonesia Trade Promotion Center in Lagos, emphasized the benefits of both sides’ economic cooperation.

Investments between Nigeria and Indonesia increased from $2.6 billion in 2021 to $4.6 billion in 2022, according to Ishmael Balogun, President of the Nigerian Indonesian Chamber of Commerce and Industry.

But he asserted that both nations were capable of far more, which is why an investment and trade meeting was scheduled for Jakarta in October.

“Areas of focus include but are not limited to manufacturing, renewable energy, power generation, infrastructure development, health, agriculture, transportation, mining, digital economy and much more.”

“This will be followed by a government-to-government, government-to-business and business-to-business roundtable discussions to further foster sustainable collaborations and fruitful partnerships,” he concluded.

He went on to say that attendees would sign a memorandum of understanding (MOU) during the Indonesian event in order to expand the economies of both nations.

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