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Akwa Ibom explains business interest with Chinese investors

By on November 21, 2015

Akwa Ibom State Government has tasked the management of the Bank of Industry (BOI) to establish functional office in the state in order to boost the industrilisation drive of the state government just as it explained business interest with Chinese investors.

Executive Chairman, Akwa Ibom Investment Corporation (AKICORP), Dr. Elijah Akpan who made the called yesterday while fielding questions from newsmen in Uyo noted that funding by means of loan was needed for the Small and Medium Enterprises (SMEs) to thrive well.

He disclosed that more than 60 SMEs have already been pre-qualified for the loan while efforts are ongoing to enable more SMEs in the state meet the requirement for qualification for such loans.

Akpan said the recent visit to the state by the Chinese investment delegation was fruitful as the Chinese were satisfied with the level of infrastructure on ground and expressed interest in investing in manufacturing, agriculture, transportation, oil and gas, automobile, mining, tourism, energy and railway among other areas.

In a renewed bid to expand the economic base of the state, he hinted that the state government has begun moves to explore the viability of reported gold and coal deposits in some parts of the state saying geologists would soon be contracted to determine the exact location and viability of the two minerals in the state.

The Chinese and Canadians are coming with their superior technology that will be based on using satellite technology to locate the exact locations of these minerals and how viable they will be.” Akpan said.

According to him, with the continued decline of the proceeds from the crude oil at the international market, there was need for the state to explore alternative sources of revenue stressing that  the growing partnership with China for the industrial and business development of the state was a step in that direction.

Besides the partnership with Chinese investors, Akpan made known that the state government will not turn back or close its doors to businesses from the Europe and other parts of the world with genuine interest and intention to invest in the state.

“Our interest in China is because if you look at the most of the economies of the Western nations today they are all slowing down and are now turning their eyes to Africa because they know that Africa is the next hub for development.

“And so China’s leading interest in Africa is just because of that and so the next move of development is Africa and they showed no hesitation and interest to come into Akwa Ibom but we are also working with companies in America and Europe to bring investment to Akwa Ibom..

“The Udom Emmanuel’s administration has done much to resuscitate moribund industries in furtherance of the industrialisation programme. Already investors have continued to line up with their expression of interest in Quality Ceramics, Qua Steel and also Akwa Palm with a new interest in Oku Iboku paper mills.

“In particular the Governor is very interested with the resuscitation of Qua Steel in Eket because of the abundance of the raw materials there. We can bring it back and then allow private investors to take over ownership later with small government equity so that we can create employment for our people.”  The AKICORP Chairman posited.

He noted with concern the low level of business consciousness of the indigenes of the state and spoke of plans by AKICORP to embark on enlightenment programme to raise the business awareness and opportunities now available in the state.

“We still have a lot to do to sensitise the mind of our people towards business lines. They should transform themselves from small economy to big ones. We still need enough skill manpower to fill the gap in our investment drive”, Akpan added.

 

[ThisDay]