Major Asian Industries Express Interest in Nigeria

Major Asian Industries Express Interest in Nigeria

*As Jonathan promises incentives

Major stakeholders of the Asian Tigers economies yesterday indicated interest to set up business in Nigeria after President Goodluck Jonathan held closed door meetings with them where he assured them of review of incentives to investors willing to set up or increase their business stakes in Nigeria.

Those who met Jonathan and agreed to commence investments and capacity building in Nigeria include Daewoo Industries, Samsung and Hyundai Heavy Industries Limited who secured private audience with him at the Sheraton Hotel in the highbrow Walkway district of the country.

This is as he also said there was need for Nigeria to partner with Korea Electricity Power Company (KEPCO) to fast track achievement of the power Master plan and ensure that it worked expeditiously to deliver power without which the needed industrialisation would be a mirage. He met with officials of the company also.

 Jonathan separately told the companies that he met with that he has already directed the Ministry of Trade and Investment to review incentives for companies willing to invest in the country, adding, “We are willing to support you to establish industries in Nigeria, and I have instructed the Ministry of Trade and Investment to review the incentives available for investors coming to the country”.

He said that apart from his desire to see to the rapid industrialization of the country, he also aims to create jobs for the teeming population of the country most of who were youths, pointing out that one area he wanted to ensure its workability for that purpose was the implementation of the Local Content Law that will add capacity building to job creation.

President and Chief Executive Officer of Samsung Heavy Industries, Mr. Mr. In Sik Roh, commended the President for giving them the opportunity to construct the Bonga Oil platform and assured that his company was commencing the training of 20 Nigerians next month in skills transfer and capacity building.

 Jonathan had in a separate audience with Daewoo Engineering and Construction Company stressed the need for the gas infrastructure of Nigeria to be upgraded to speedily attend to the urgent need for industrialization and regretted that though the country was blessed with abundant gas resources evacuating them to meet needs was a problem.

He called for the development of bankable packages that would attract international funding while he commended the company for agreeing to fund infrastructural development in Nigeria at agreeable terms.

Responding, Daewoo’s President and Chief Executive Officer, Mr. Jong-Uk Seo assured of the confidence and willingness of his company to continue business in the country where he said they have been operating since 1978.

Other conglomerates that met with Jonathan were Hyundai Heavy Industries, led by Senior Executive Vice President/Chief Operating Officer of the company, Mr. I. S. Chun; and a delegation of JD International, led by Mr. David Lee, President/Chief Executive Officer.

While meeting with KEPCO, the President assured that every mechanism would be put in place to pave way for their investment in the power sector to which its President and Chief Executive Officer Mr. Joong-Kyum Kim, replied his company desired to strengthen their investment in the Nigerian power sector, adding that they had a robust partnership with Nigeria’s Sahara Oil. He boasted of having requisite experience and capacity to participate actively in the development of any facet of Nigeria’s power mix.

He also met with and reviewed solar power production proposal by Shinsung Solar Energy which expressed readiness to establish a plant in Nigeria as it boasts of better and cheaper rural electrification with an added advantage to reach rural areas without high maintenance cost and promised incentives to make them start.

Chairman of Shinsung Solar Energy and leader of the delegation, Mr. Lee Wan Keun expressed readiness of his company to extend provision of solar power which his company was already working on for telecommunication companies in Nigeria, adding that it will free conventional power from being overstretched and set aside for industrial use.