Business
Chile Seeks Improved Economic Ties With Nigeria
The Chilean Minister of Foreign Affairs and Trade, Mr Fernabdo Arizta, has called for improved trade and economic ties with Nigeria.
Arizta made the call when he paid a courtesy visit to Dr Samuel Ortom, the Minister of State for Trade and Investment, in Abuja on Tuesday.
According to him, trade relations between Chile and Africa are at a low ebb and need to be re-invigorated.
He said that the Chilean economy had a 4.6 per cent growth rate, as at 2011, adding that there was a great opportunity for Nigerian products to enter its market.
“Economic relations with Africa is just 0.3 per cent of what Chile exports to the world; and what we import from Africa is just 1.1 per cent.
“We have a 250 billion-dollar Gross Domestic Product and 80 per cent of our products are related to external trade; which means we depend highly on external trade.
“We have a reliable economy and we need to explore the possibility of greater economic ties with Nigeria.”
Responding, Ortom said the visit was a positive way of establishing bilateral trade relations with Chile.
He said there was the need to set up a Nigeria-Chile Chamber of Commerce and Nigeria-Chile Business Council to facilitate trade relation between both countries
According to him, Nigeria is working toward putting the organised private sector in the forefront to boost economic activities.
“We should work out modalities for the private sectors from both countries to work together for mutual benefits.
“There is also the need for an economic agreement so as to know the bounds of the new ties.
“From available statistics, the trade ties are in favour of Chile and there is need to balance it up.’’
Ortom said there was the need for Chile to tap into the potential that abound in Nigeria’s agriculture, mines and solid minerals sectors.
He added that the ministry was willing to assist Chilean firms desirous of establishing industries in Nigeria.
The highlight of the event was the exchange of investment profiles between the minister and his Chilean counterpart.