A’Ibom Signs $600m Agreement with Korean Firm to Establish Industrial Park
Akwa Ibom State Government has sealed a deal with a Korean based Company, Kumbit Global Limited to establish an Ibom Industrial Park in the state worth $600 million.
The industrial park is to be sited in Nung Ikot Obiodo community, Oruk Anam Local Government Area of the state.
The signing of the agreement took place in the office of the Secretary to the Akwa Ibom State Government, Government House, Uyo.
The Chairman, Akwa Ibom Investment Corporation (AKICORP), Dr. Elijah Akpan, hinted that the $600 million project will be driven by Public Private Partnership (PPP) arrangement.
The state government, he said, has donated 100 hectares of land and will commence payment of compensation to the benefitting community before take off of the project.
He disclosed that about 23 companies are expected in the industrial park through PPP arrangement.
“We own 10%, the community owns 2% making it 12% for Akwa Ibom State and the project is worth $600 Million. The State Government has donated Special Purpose Vehicle (SPV) and 100 hectares of land for the project while payment of compensation will soon commence and Kumbit will soon move to site as a result of agreement that has been signed.’’ he stated.
Akpan said the Ibom Industrial Park project has real estate integrated into its design to create affordable housing in the state, saying on completion the park will create more than 1,000 direct employment with a value chain benefit of 10,000 to the people.
The AKICORP boss lauded Governor Udom Emmanuel for creating a conducive environment and ease of doing business in the state, stressing that the infrastructural development in the state has made it a destination point.
Speaking for the Kumbit Global Limited, the Group Managing Director, Engr. Anietie John, commended Governor Emmanuel for his visionary strides in industrialising the state.
He said the Ibom Industrial Park will have 23 industries producing 300 product lines of building materials, pharmaceuticals, automobiles, beverages and other household items to redefine the economy of the state and would employ about 200,000 people across the country.
John said based on the feasibility study conducted by the Korean company, a general hospital will be established in the state as part of its corporate social responsibility, while scholarships will be introduced for the benefit of the Akwa Ibom indigenes.
‘’It has been a long journey and God has kept us for this purpose, I want to thank Governor Udom Emmanuel for making this project to materialize. It had been a turbulent time but what I am telling Akwa Ibom people is that this project which we have signed an agreement today will be of benefit to them all.
“This park coming to Akwa Ibom state will employ over 200,000 Nigerians. The park will attract third party industries that will produce for the successful completion of activities in the Industrial Park.
‘’Kumbit Global is bringing the first General Hospital to Nigeria, we are bringing Education, Koreans are bringing their format of Education, any Nigerian or Akwa Ibom person who wants such can enroll their children in the school as we will tap from the technology transfer. We will also bring in scholarship to the state based on merit”, he assured.