Chinese Firm Plans $15m New Investment Portfolio In Cross River

L-R GENERAL MANAGER, CALABAR FREE TRADE ZONE – ALHAJI SADIQ KAZEEM, MR. XIE SHAO, CHAIRMAN, TRADE DELEGATIONS, CROSS RIVER STATE GOV- SEN. LIYEL IMOKE, MD. SKYRUN FTZ CALABAR – MR. WAFU QIANG, AND HIS GEN. MANAGER – MR. CAI BIAO AT A COURTESY CALL ON THE GOVERNOR IN HIS OFFICE IN CALABAR

 

SAN FRANCISCO, February 21, (THEWILL) – As part of effort at leveraging on some of the government’s successes in attracting global investment players to the state, Jiang Su Economic and Information Technology Commission is expanding its investment portfolio in Cross River State.

Jiang Su Economic and Information Technology Commission which is an investment arm of Jiang Su Province in China, is investing $15 million in key sectors such as Information Technology, mining, construction and infrastructure.

Leading a delegation on a visit to the state Governor, Senator Liyel Imoke yesterday in Calabar, Chairman of Jiang Su Economic and Information Technology Commission, Xie Shao said they were in the state to intimate the governor on new investment opportunities in ICT, mining, construction and infrastructure, noting that “Cross River State is appropriate for us to make our investment and we are not going anywhere else.”

Xie Shao who said they have been doing business in Cross River State in the last eight years with heavy presence in the manufacturing of refrigerators, air conditioners as well as television sets, noted that the state has become an investment haven for his company, hence the desire for further investments.

The Chairman who also signified interest in the state’s cocoa business, appealed to Governor Imoke to look into the issue of land as it was critical to investing in the state. He also canvassed for an attractive import environment at the Calabar Free Trade Zone by reducing the processing cost of imported materials through the port.

While welcoming the Chairman and his team to his office, Governor Imoke lauded the visit of the delegation to the state, adding that the desire of the company to expand its portfolio was an expression of confidence in the existing projects and infrastructure in the state.

Imoke said the firm’s increasing commitment to the expansion of its investment in the state was an attestation of the prevailing favourable investment climate in Cross River State.

On the company’s desire to venture into ICT, Governor Imoke said; “We are looking at opportunities in those areas and for us, it is important that we build strong relationship with foreign investors who already understand Nigeria, Cross River State and its environment. we always want to stay ahead of others. So, we are happy that you could identify these additional investment vistas and wanting to take advantage of them.”

Lauding the Jiang Su Economic and Information Technology Commission for its planned investment of 15 million dollars in the economy of the state, Governor Imoke said: “In addition, I must commend you for the fact that you plan to invest 15 million dollars on a new production line. This will see us achieve a common dream of actualizing industrialisation of our local economy.”

On how the investment will leapfrog the state, the governor noted: “We are excited by your continued interest in the economy of our state as this will create many opportunities and we have positioned ourselves to take the advantage of these emerging opportunities. The new investment portfolio will create opportunity for knowledge and technology, employment for our young people, create market for the local economy. It is in this regard that we must work with you and give you all the support necessary to maximise all the opportunities that will come as a result of your investment.”

Governor Imoke particularly thanked the management of the Calabar Free Trade Zone, headed by Mr. Sadiq Kassim, who was among the Chinese delegation for its dynamic approach to attracting, growing and sustaining investment in the state.