afrol News, 25 February - Two of Africa's economic power houses, Nigeria and South Africa have established a Joint Presidential Advisory Council on Investment which was launched yesterday to encourage investment between the two countries.

The 10 member bi-national committee launched in Abuja yesterday is expected to promote business and trade while also advising the leadership of the two countries on how the tackle the impact of the global economic crisis, especially on trade relations already solid on the ground.

According to the South African Deputy President, Baleka Mbete the Joint Presidential Advisory Council on Investment will assist the two governments as well as business entities to explore investment possibilities, but said a lot of work still remained to be done to realise the full potential of the relationship.

"We need to work towards creating an environment that will encourage investment flows between the two countries, which would translate into jobs and the upliftment of communities in both our countries," Ms Mbete told a media conference in Abuja, jointly addressed with Nigeria's Vice-President of Nigeria Dr Goodluck Jonathan.

On his part, the Nigerian vice president also said the joint committee is expected to advise the states on a path to economic recovery, while also strengthening the cooperation between the two countries.

Members of the joint committee, five from each country are drawn from both the public and private sectors and are expected to meet from time to time to review business cooperation and opportunities and advise the governments on what actions shoud be taken.

South Africa considers Nigeria as one of the most important partners on the continent with over 90 percent of its imports from the country being on crude, which is the West African's major produce.

According to reports South African companies have also become major players in almost all sectors of the Nigerian economy, especially in the telecommunications sector.

By staff writer

© afrol News

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