China's inroad into the economy of Africa is gaining a foothold as a trade delegation on a visit to Cross River State has concluded plans to establish a truck manufacturing plant at the Calabar Free Trade Zone (CFTZ).

Leader of the group and Deputy Mayor of Chang Chun City, China, Mr. Gui Guangli, revealed this to Governor Liyel Imoke during a recent courtesy call.

Guangli said the team had spent some days in the state exploring possible areas of investments and having found that great opportunities abound, it decided to start with the establishment of a truck plant.

The Deputy Mayor explained that the manufacturing company has eleven outlets across the world including Japan, Germany and United States, and that from their study, the state is conducive for investments, coupled with the airport, seaport and free trade zone.

He promised that the trucks that would be produced in Calabar would be of high technological quality and class just as the volume of production would be determined by the economic indices of demand.

Guangli also revealed that the trade mission also plans to invest in agriculture and pharmaceutical sectors as a result of their feasibility studies, saying China and Nigeria have an age-long commerce relationship. He also commended Imoke for making available necessary infrastructure for the state's economy to grow.

The Governor, in his speech, commended the Chinese Trade Mission for the decision to establish a truck manufacturing plant in Calabar, which, he noted, would strengthen and develop the economy of the state.

Imoke said currently, there were some Chinese firms doing business within Calabar FTZ whose products are of high quality, noting that Cross River is one of the states with fastest growing economy in Nigeria and its people are peaceful and hospitable.

He said it was the state's economic thrust that in order to build a strong economy, those who invest in agriculture should plant, harvest and process the produce in the state in order to create a value chain which will impact greatly on its citizenry, hoping that a partnership in that direction will contribute significantly to the growth of the state and its people.

Imoke explained that the state will collaborate with the mission to explore areas where it has comparative advantage as it was expecting more areas of support and cooperation.

According to him, Cross River has a vast land mass for agriculture with tremendous environment and is into partnership the private sector to ensure that conducive environment is available for investment.

The General Manager of the Calabar FTZ, Mr. Sadiq Kassim, said the visit was as a result of collaboration between the state government and the zone to bring investments into the state.

Kassim said Chang Chun City, which has a population of over seven million and wants to invest in Nigeria through its chambers of commerce, stressing that the trade mission intends to build a truck manufacturing company within the Calabar FTZ.

He maintained that the automobile company has the financial capacity and technological know-how to invest in the state; having found that the state was conducive for foreign investors and investments.
 

Source : allafrica.com

Posted on : 30 Nov,-0001