Calabar — CHINESE investment in Cross River State is set to rise to $50 billion from the current $10 billion as five new Chinese companies have concluded plans to move into the State and explore the opportunities thrown up by the state tourist industry and the Calabar Free Trade Zone.

Governor Donald Duke of Cross River State disclosed this while receiving in Calabar, a Chinese delegation led by Mr. Da Jiaxiang, Deputy Director-General of Foreign Trade and Economic Cooperation, Jiangsu Provincial Government, China.

The governor who was represented by the Secretary to the State Government, Mr. Johnson Ebokpo, noted it was of great importance for the state to be associated with the Jiangsu Provincial Government which has a Gross Domestic Product of $225 billion and $10 billion worth of investment already in the state, arguing further that "with plans by five more Chinese companies to invest in the state, the worth of Chinese investment in the state will soon rise to $50billion."

He assured the Chinese that the state has enough land to accommodate the planned investment; stressing that Chinese investment in the state would grow beyond the economic sector to include both culture and education.

He called on the people of the state to wake up and respond to the challenges presented by the numerous Chinese investments in the state and see how they could fit in and enhance their standard of living.

In his view, the response by the South-East Asian countries in recent times to invest in the state has been impressive adding that their conditions for investing in the state are flexible for the people to meet and more so, they were interested in working and growing with the people.

The Governor remarked that already, Sky Run Jiangsu, manufacturing Air Conditioners from their factory in Calabar Free Trade Zone can testify of a conducive business environment which they have enjoyed since they started operations in 2005.

Mr. Da Jiaxiang, leader of the Chinese delegation to the state, noted that they were in Cross River to see things for themselves, stressing that before coming, they had made inquiries about the state and investment opportunities which meet their requirements and expectations.

He said the Chinese government encourages Chinese companies overseas adding that Jiangsu Investment in Cross River State already stands at $10billion and Sky Run company has become a pacesetter for others to follow.

General Manager of the Calalabar Free Trade Zone, Mr. Chris Ndibe, who was part of the courtesy call on the Governor, said the desire of the Chinese in the zone was getting higher and that by the end of the year, a Chinese village will be within the zone.