Rivers Investment Promotion Council reveals strategy

…To push for implementation of harmonized tax code

Many had waited to know how the new body created by Sim Fubara, governor of Rivers State, would go about attracting investors.

Now, the Rivers State Investment Promotion Agency (RSIPA) has said that it is working collaboratively with the government ministries, departments and agencies (MDAs) to promote the ease of doing business and improve the operating environment for investors in the State. This is its strategy to begin to woo businesses.

The agency also said that an integrated one-stop-shop platform that will enable the sharing of useful information and opportunities that exist in the respective MDAs and various sectors of the State’s economy has been put together for potential investors to access and feed their business and investment aspirations.

Speaking during its maiden stakeholders’ engagement session at the Government House, in Port Harcourt on Thursday, Chamberlain Peterside, director-general, Rivers State Investment Promotion Agency, explained that the agency, as part of its investment management function, will facilitate, complement and coordinate activities of the various MDAs and other critical players in the business environment to ensure that they are more successful in whatever they do.

“The first step to that collaboration is what we just had today: Stakeholders’ engagement where we brought multi-sectoral interests to sit with us, speak to us, express their views and discuss how we can partner to advance investments because there is a tendency for any entity to have the impression that the agency is here to take away their business.

“We are here to compliment, co-ordinate and make sure that the MDAs and other key entities are more successful in what they do. Not all of the MDAs have interface with anything that has to do with investment but ministries that are in the frontline like Ministries of Lands, Commerce and Industry, Transport, even Ministries of Youth Development, and Women Affairs, as long as there is an angle that has to do with investment promotion, skill acquisition, youth development, we want to be able to partner with them in that process,” he said.

Speaking further, Peterside noted that the agency will operate transparently to boost the confidence of investors and secure stakeholders’ buy-in to change the negative narrative and public perception being expressed in some quarters with a view to accelerating investment inflow into the State to boost the economy.

“We have a perception problem. People have the perception that it is insecure to travel to Rivers State and invest for that matter. So, we want to be able to dissuade people and the public from that kind of understanding of the State.

“First, by making sure we operate transparently through a portal like the one-stop-centre that has a wealth of information. Secondly, we want to mount a very positive media campaign to change the negative narrative.

“As far as investments are concerned, we want to be able to showcase positive investment information across all media platforms. Last week, there was a deal that was signed with the Rivers State Waste Management Agency, and it was all over the news. That is what we want to be seeing”.

Read also: Expert urges Rivers Investment Promotion Agency to rally local investors to attract FDIs

On the issue of touting and multiple-taxation, Peterside stated that there is a harmonized tax code, which will be implemented with the support of the State Board of Internal Revenue, local government councils and other agencies of government.

“In the coordination of investment flow, we will make sure we work with other agencies. There is a harmonized tax code that already exists. It has to be implemented. We will have to support and work with the Board of Internal Revenue, and the local government councils. It is a big challenge but the good news is that the harmonized tax code already exists. We will see how going forward, that can be achieved,” he noted.

In attendance were; Joe Johnson, Commissioner for Information; Roseline Uranta, Commissioner for Women Affairs; Tonte Davies, acting administrator, Greater Port Harcourt City Development Authority, top-level representatives of RIWAMA, Ministries of Finance, Youth Development, and private sector organizations.