12
Sep
The bilateral trade between Nigeria and India has increased to $19.5 billion annually, the Indian High Commissioner, Mr. A.R. Ghanashyan has disclosed.
Ghanashyan revealed this at the maiden edition of the Nigeria Leadership Initiative (NLI) diplomatic dialogue series held in Lagos yesterday.
Ghanashyan said: “The last figure I have as trade between Nigeria and India is $19.5 billion and our relationship is growing and at the rate it is going, it may shoot up beyond $20 billion this year.”
Also, members of the Nigeria-India Chamber of Commerce, at the event urged the federal government to evaluate the issue of double taxation in Nigeria in order to improve bi-lateral trade between both countries.
Ghanashyan who also spoke on the issue of multiple taxation, stressed the need to seriously look into the challenges posed by double taxation in order to improve economic growth and employment in both countries.
He said: “We don’t have a double taxation avoidance settlement, we don’t have an investment protection agreement, but still we are the employer after the federal government. So imagine if we have this agreement what would happen to our relationship?”
He revealed his plan to meeting with Nigeria’s Coordinating Minister of the Economy/Minister of Finance on the issue of double taxation, and noted that the improved trade relation between both countries would be highly beneficial.
“Nigeria is the largest trading partner with India and Indian owned companies are second highest employer in the country,” he added.
Also, the President, Nigeria-India Chamber of Commerce and Industry, Dr. Umo Itsueli said: “Nigeria is an emerging economy so is India, China and these are countries that if you look at projections made round the world over the next 20 to 30 years, are economies that would surpass the US.
“So it is important we learn and start collaborating with such countries with similar backgrounds. The federal government is the largest employer of labour in the country, next to that is Indian-owned companies.”
The organiser of the event and CEO, NLI, Mr. Yinka Oyinlola explained that purpose of the monthly diplomatic dialogue is to foster better relations with ally countries.
On the double taxation treaty, he said: “It is a shame that up till now at the policy level, there are still a lot to be desired in terms of relationship between the two countries but it was raised and recognised by the president of the India Chamber of Commerce and there is need to greater ties for better relations.”
Source: http://www.thisdaylive.com/articles/nigeria-india-trade-hits-19-5-billion/188713/