Kwara signs deal with Chinese investor to set up textile industrial park

YarnsandFibers News Bureau 2016-06-13 12:00:00 – Ilorin

Kwara State Government signed a $56 million investment deal for the establishment of Kwara Chitex textile Industrial Park in the state with a Chinese investor.

The agreement was signed between Governor Ahmed and Mr. Shi Zengchao, the Managing Director of Ningbo Jinsheng Star Import and Export Company Limited at the 18th China Zheijand Investment and Trade Symposium in Ningbo, East China at the weekend. Governor Abdulfatah Ahmed finalized all procedures on the deal during a trip to East China.

The agreement, which was organized by Ningbo Municipal People’s Government, involved $3.7 billion investments in 31 projects out of which $1.4 billion would be for the Kwara Chitex Industrial Park.

Governor Ahmed after signing the agreement expressed delight about the multi-million dollar project, which is expected to commence soon, stressing that the state is focusing on manufacturing to stimulate its economy and create jobs.

He said that they are looking for investors, especially in the area of manufacturing. They have a youthful population, which shows there is a strong workforce that can support industrialization. There are opportunities and huge potentials in textiles, agriculture, mining and other areas.

According to Ahmed, Kwara Chitex textile Industrial Park is expected to create 3,000 jobs when operational.

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