Chinese firm to invest $600M in Kano textiles, garment industry

Posted by Gabriel Udeh, Kaduna | 10 July 2017 | 1,823 times

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•Governor Ganduje

Chinese multinational company, Shandong Ruyi Technology Group Co., is set to invest $600 million in the textile and garment industry in Kano State.

Already, talks between officials of the company and those of the Kano State Investment Promotion Agency have reached an advanced state and it is expected that a Memorandum of

Understanding, MoU, between the two parties would be signed in the next few months. Chairman of the State Investment Promotion Agency, Alhaji Isyaku Umar Tofa, made this known during the presentation of certificates of occupancy to two investors, by the state governor, Dr. Abdullahi Umar Ganduje, at the Government House, Kano.

“We are about concluding talks with them and they were encouraged by the commitment

of the Ganduje administration to provide tax incentives, as well as

free land for their huge investment”, he stated.

Umar pointed out that the government is giving out free land to two companies namely; Black Rhino/Dangote Group to construct a 100 megawatt solar power plant at the cost of $150 million and St. Meer International Investment and Management Company which

would invest $120 million to finance a similar project in the state.

Presenting the certificates of occupancy to the two investors, Governor Ganduje said the decision to give them 207 hectares and 152.3 hectares respectively, for free, was part of efforts to engender competitiveness and attract foreign direct investment.

“It is in our interest to encourage investment in areas that have potential multiplier effects on the growth of the economy including employment generation”, noting that the two companies would generate solar power that would help in addressing the state’s energy deficiency.

“We are willing to remove any stumbling block towards the success of your investment because of benefits that will come to our state,” the governor stressed.

Governor Ganduje maintained that his administration has decided to engage an industrialist as chairman of the State Investment Promotion Agency in addition to actively involving representatives of what he called “the main industrial blocs in the state” to hasten the attainment of his desire to reposition the economy of the state. (Nigerian Pilot)

Source: News Express

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