BusinessDay... the voice of business: Why new industrial strategy is needed - Ugwu

Why new industrial strategy is needed - Ugwu
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ANIEIOK UDONQUAK on 05 May, 2008 02:00:00
 
The minister of Commerce and Industry, Charles Ugwu says a new industrial
strategy is needed to enable the country participate in higher value-added
economic activities.
He said this would place the country in a better position to hook up to the
world market which would eventually boost economic activities within the country
and attract further investments.
The minister who however identified inadequate and inefficient infrastructure
as well as ill-equipped manpower as daunting challenges said ‘these problems
should not deter us; rather they should challenge us to take appropriate
action.’
In a message to the third Akwa Ibom Council on Industry held in Uyo, the
minister said it was in view of these challenges that government decided to
introduce the new industrial development strategy anchored on the cluster
concept.
“Government’s objective for adopting this concept is to create a community
of business  located together in which members will seek enhanced environmental
, social and corporate performance towards effective competitiveness,’’ he
said.
According to him, clustering will enable companies to go into product
specialisation and the adoption of new technologies adding that the new
industrial development strategy would promote the building of industrial parks,
industrial clusters, free trade zones, enterprise zones and incubators around
the country.
The minister who was represented by a top official of the ministry said private
sector organizations including banks have indicated their commitment to partner
with the Federal Government to set up these zones while the United Nations
Industrial Development Organisation (UNIDO) is willing to provide support in the
area of training.
‘Whereas Government will provide land and infrastructure, the banks and other
private sector groups will provide funds to build the workshops, while common
facilities and training ill be provided by the Government with support from
UNIDO,’’ he said.
He said the Federal Government was also addressing the issue of attracting both
local and foreign investments into the economy adding that the new focus is to
promote investments in areas of strategic national priority with the primary
focus on manufacturing activities including petrochemicals, biofuels and
textiles and food processing.
In his address, commissioner for Commerce and Industry in Akwa Ibom State ,
Paul Ekpo decried the absence of an industrial policy in the state saying that
it has been unhealthy to the growth and development of industrial activities in
the state.
He appealed for the reactivation of the Funds for Small Scale Industrialists
(FUSS) by the State Government that would act as a catalyst in the provision and
sustenance of industrial extensive services.