Chery Automobile to Setup an Assembly Plant in Cross River, Nigera

Government of Cross River State in discussion with Chery Automobile Industry Co., Ltd to setup an Automobile Assembly Plant in Nigeria.

Cross River, Nigeria, October 29, 2009 --( Chery Automobile Co., Ltd of China, one of the fastest growing automobile manufacturers in the world and Wide Fame Asia Pte Ltd proposed to the Cross River State Government of setting up an Automobile Assembly plant in the region to assemble up to 10,000 cars in the coming years.

Cross River State located in Nigeria was selected as an ideal location to be the Main Hub for Chery in West Africa as it is strategically located. Similarly, the state has a free trade zone and has essential complementary resources such as skilled labour and management manpower, excellent communications, airport, seaport, road network and other essential infrastructures and importantly it is considered to be the most peaceful and orderly state in the region. The other states that were earlier being considered were
River State, Benue State and Ondo State.

With this investment, it will bring will bring numerous direct benefits to the Cross River State constituency in creating skilled and semi-skilled jobs in which the company is planning to setup an automobile training centres to improve the availability of skilled workers in the automobile sector. Infrastructure development, local government taxes and the purchase of locally produced goods and services are among the other economic multiplier effects. The development of the automobile industry in Cross River State will be a catalyst resulting to more value added investments within the automobile value chain in industries therefore Cross River State and Chery are certain that through this investment it will contribute to the long term social and economic growth.

In this early stage of the discussion, parties involved in the investment have shown their full commitment towards the furtherance of the project.

Wide Fame Asia Limited
Reuel Ramos