South Korean Investor to Begin Operation on $600m Industrial Park in Akwa Ibom

South Korean Investor to Begin Operation on $600m Industrial Park in Akwa Ibom

Following the signed Joint Venture Agreement with a South Korean company, Kumbit Global Limited, to establish an industrial park in Nung Ikot Obiodo, Oruk Anam Local Government Area of Akwa Ibom state which is estimated to cost $600million, the President of Kumbit Global Limited, Mr. Ji Jung Hyun, has arrived Nigeria to begin the implementation of the agreement.

The Group Managing Director of the company, John Anietie, noted that the president is visiting to pursue the payment of compensation to property owners, clearing of the site and laying of foundation for the industrial park project.

Anietie, who commended Governor Udom Emmanuel for the great strides he has made in industrialising the state, reiterated that the park will come with 23 gigantic industries producing 300 products including building materials, automobiles, beverages and other household items.

He added that between 70 and 80 per cent of raw materials shall be sourced within the country, Nigeria, while about 30 per cent shall be sourced from neighbouring African countries.

Chairman of Akwa Ibom Investment Corporation (AKICORP) Dr. Elijah Akpan, recently signed the agreement on behalf of the state government, while the Group Managing Director, Kumbit Global Limited, Anietie John, signed on behalf of the company.

During the joint venture signing ceremony, Akpan stated that the project has real estate integrated into its design to create affordable housing in the state, adding that on completion, the park will create about 1,000 direct jobs with a value chain benefit of over secondary employment for 10,000 people.

Anietie noted that former President, Chief Olusegun Obasanjo has expressed interest in the project. Obasanjo, during a visit by Anietie promised to be part of the project and will possibly replicate the industrial park in Ogun State.

“The industrial park needs the support of all. It has been a long journey and God has kept us for this purpose. This park coming to the state will employ over 200,000 Nigerians. The park will attract third party industries,” the GMD noted.

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