The Osun State Government has signed an agreement worth N216bn with a Chinese firm, Jiangsu Wuxi Taihu Cocoa Food Company Limited, on the establishment of an industrial park in the state.

Aregbesola stated that the partnership with the Chinese firms would support the state on six different investments which include cocoa bean processing; chocolate and food processing; salt processing; cassava starch processing, gold mining and power plants.

The total investment by Jiangsu Wuxi‎ Taihu Cocoa Food Company Limited on the industrial park is $600m and the project is expected to begin in January 2018.

Governor Rauf Aregbesola, in a statement on Thursday by his Media Adviser, Mr. Sola Fasure, said that the state government would allocate 200 hectares of land to facilitate the establishment of the industrial park.

The agreement reads in part, “On November 28, 2017 Jangsu WUXI TAIHU Cocoa Food Co., Ltd. held talks with the State Government of Osun, Nigeria on the investment in the establishment of Industrial Park in Osun State.

“Through full communication and negotiation, both sides reached resolutions which are summarized as follows: “the Osun Government of Nigeria agrees that Jiangsu Wuxi Taihu Cocoa Food company Limited will invest to establish the Industrial Park in Osun State who will allocate 200 hectares of land for the Industrial Park.

“The total investment by Jiangsu Wuxi‎ Taihu Cocoa Food Company Limited on the Industrial Park is $600m. The first phase of the project includes six projects: Cocoa bean processing, chocolate and food processing, salt processing, cassava starch processing, gold mining and power plants.

“The construction project of Jiangsu Wuxi Tiahu Industrial Park will strictly abide by the relevant laws and regulations of the State Government of Osun and Federal Republic of Nigeria.

“The government will provide policy guidance for the construction of Jiangsu Taihu Wuxi Industrial Park and give support of energy, infrastructure and other aspects. After the completion of the project, favourable tax terms will be given.

“The state government will set up a working group for the construction of Jiangsu Taihu Wuxi Industrial Park, which is responsible for the docking and service with China. The two sides agreed that the project would start in 2018.”

The Commissioner for Commerce, Industries and Cooperatives, Mr. Ismaila Alagbada, lauded Aregbesola’s commitment to turn Osun State to a commercial hub of the South West.

He confirmed the progress which another Chinese investment had made in the cocoa processing industry located at Ede, saying the new partnership on the industrial park would turn around the economy of the state.

The General Manager of Jiangsu Wuxi Taihu Cocoa Food Company Limited, Mr. Liu Jianhui,‎ commended the governor for exploring every opportunity to develop the state.

He said the company decided to establish $600m worth projects in the state, having understudied the economic potentials of Osun to grow foreign investments.

Liu Jiangsu assured the state of fruitful partnership that would bring change to the economic activities of the state and as well create a robust bilateral economic relation between the state and Chinese firm.

The company’s GM said the investment will generate employment opportunities for the youths, thus creating wealth and employment for the state’s citizens.

According to him, we are bringing a huge investment into the State of Osun ‎so as to complement the existing investment on cocoa processing industry and as well support the state economically, commercially and industrially.

He said, “We have very strong confidence in the fact that ‎the partnership would in no distance time bring about dividends to both parties as the state’s potentials would be appropriately utilized.