Considering the important role of trade, industry and services in the economic development of their respective countries and desirous of intensifying economic relations between the two countries, the Abuja Chamber of commerce and Industry (ACCI) and Confederation of Indian Industry (CII) have signed a Memorandum of Understanding (MOU) to reposition their export and other trade relations activities.
While ACCI is working as a voice of the private sector, engaging itself in the promotion of trade and industry, bridging the interest of the private sector with the Nigerian government, the CII represents the interests of trade and commerce in India and acts as an interface between industry, government and other relevant stakeholders on policy issues and initiatives promoting domestic and international trade.
The deal which seeks for transfer of technology and investment into Nigerian economy was sealed in New Delhi between the Vice President in charge of Information Communication Technology, (ICT) who is also the Provost of ACCI training institute called Business Entrepreneurial Skills and Technology (BEST) centre, Prof. Adesoji Adesugba while Mr. E.B. Rajesh, the Regional Director in charge of Africa singed on behalf CII, an association of over 8000 companies.
In the text of the MOU made available to press, the parties agreed: “To enhance economic relations and propose to the respective governments, measures and mechanisms to promote exports on the basis of mutual interests to avoid any imbalances which may affect the relationship.
“To continue to develop exchange of economic information between the two institutions.
“To organize trade missions and to cooperate through the organization of conferences, symposia and other forms of trade events for the promotion of trade, industry and services of both countries.
“To participate and cause traders to participate in trade fairs and exhibitions, encourage reciprocal visits of businessmen and professionals and help visitors and businessmen in both directions, obtain the most appropriate business contracts.
“To establish a regular consultation program between officials of both institutions on trade, industrial issues and services.
“As part of the implementation of this Agreement, the two institutions shall undertake to provide mutual institutional support the methods of which shall be mutually agreed.
“The parties mutually agree that the exchange of any information for the purpose of this MOU will enable both the parties to this MOU to obtain data and information about the other party which includes financial information, and any documentation, marketing strategies, business policies or practices or any other”.
The agreement is to come into force with immediate effect and will be valid for a period of five years, and renewed by mutual consent.