Uduaghan, in Germany, says industrialization, private sector key to growing Delta's economy
A comprehensive package to creating a clement environment for the private
sector to thrive and driving investment in technology and
industrialization has been unveiled by Delta State, Dr. Emmanuel Eweta
Uduaghan for the global investment community.
And he chose the largest concentration of private fund managers worldwide
in Cologne, Germany where he led a delegation from Delta State to unfold
the one stop shop investment incentive.
A five-year tax holiday, duty draw back for export-oriented concerns and
tariff incentives on value chain enterprises top the log of the carrot
Uduaghan dangled before the Cologne Forum, host of the 2014 African
Finance and Investment Forum (AFIF).
In his presentation, 'Investment Opportunities to Enhance Economic and
Development', the Delta State governor listed other incentives as land
acquisition concessions, reduced stamp duty charges, permits and license
cost cutting and timeliness and liaising with federal regulatory agencies
to facilitate operational licensing procedures.
Explaining that industrialization remains the key driver of his Delta
Beyond Oil initiative, Uduaghan said the private sector is leading the
establishment of industries in the state through harnessing the economic
potentials of the immediate environment and leveraging onĀ the state's
comparative advantage.
With a population of 5.1 million and Gross Domestic Product (GDP) of
$24.88 billion in 2013 as well as huge investments in physical
infrastructure development, security and human capital development,
Uduaghan said Delta State offers an exceptional and profitable haven for
investors.
Three special economic zones targeting diverse areas have been set up with
the private sector leading their development. These are the Koko/Ogidigben
Free Trade Zone, Warri Industrial Business Park and Asaba ICT Park.
Using the Delta Beyond Oil initiative, Uduaghan identified five key
investment opportunities in Delta State. They include power,
manufacturing, agriculture, infrastructure and tourism. He emphasized that
Delta State is the most viable destination for investors, a situation
boosted by its status as a leading oil and gas producer, a coastal state
with access to four seaports, having a young, educated and active
population and continuous investment in security.
Under his administration, government institutions, processes and systems
have been strengthened in the areas of public financial management, policy
and strategy, public sector and knowledge management. He said structures
have also been set up for the enforcement of the Fiscal Responsibility Act
and the Public Procurement Act.
Members of the Delta State delegation include Chike C. Ogeah, Commissioner
for Information; Afam Obiago, Economic Adviser to the Governor and Ben
Igo, permanent secretary in the Ministry of Economic Planning.
AFIF brings together expert Financiers, Bankers, Investors, Public sector
and Entrepreneurs from across sub-Saharan Africa to the rest of the world.
The forum is designed for public and private institutions interested in
securing finance for projects; investors (private and institutional)
looking for projects to invest in; as well as policy makers,
financiers/bankers, to build partnership.
Signed