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Uduaghan, in Germany, says industrialization, private sector key to growing Delta's economy

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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

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.