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I DA U N I V E R S A L N ove m b e r - D e ce m b e r 2 0 1 4 17 TRENDS AND TIDBITS Continued on page 19 e partnership between Richbon and Xiamen XGMA International Trade Company Limited is expected to attract $40 million in investments and 5,000 jobs, among other benefi ts, Sahm Yap, vice presi- dent, Xiamen XGMA Interna- tional, told a group of journalists. BusinessDay was there. Excerpts: Why did you choose Nigeria as an important market for the Richbon, XDMA partnership? One of the reasons for our visit to Nigeria is to re-assess the progress thus far on the heavy- duty construction and equipment assembly plant. When we signed the franchise last year with the XGMA, one of the top priori- ties in the agenda was to have made-in-Nigeria construction equipment, which will be the fi rst of its kind. In the near future, the discussion will get to the peak, because this year we have been able to sign the MoU in line with the government's policy. e reason is that Nigeria and China have a good, longtime relationship. Since we incorporated with Richbon last year, I haven't been here. is time, I am in Nigeria because we are discussing the assembly plant. In addition to the assembly plant, we will discuss business in Nigeria and other business relative to manufacturing. We pay close attention to this visit, because Nigeria is an important market for us. We plan to build Nigeria as a center for West Africa in sales, a ermarket sales and manufacturing. What are the reasons for the XGMA, Richbon partnership? XGMA is a top earth-moving equipment supplier in China, Chinese fi rm and Richbon's Assembly Plant to Attract $40m Investment and in the world. Hence, it took us a very long time to fi nd a partner in Nigeria. When we met Richbon last year, we found that we have a lot of things in common. Richbon's business strategy, fi nance and capability match our expectations, and this is why we chose Richbon Nigeria Limited. XGMA, founded in 1951, is a Chinese national large-scale backbone enterprise, specializing in manufacturing of wheel loaders, excavators, road construction machinery, forkli trucks and mini-machinery. What would be the benefi ts of this partnership to Nigeria's economy? First, our machines are of very good price and quality. Directly, we can bring good machines with favorable prices into Nigeria, especially in the construction sector. And, through our corporation with Richbon, we will create more job opportunities and also attract more investment into this country. Meanwhile, the chairman/ CEO of Richbon Group, CJ Chike Mounagolu, has met with XGMA construction equipment and studied the technology to fi nd out that it is the leading Chinese construction equipment. We took time to re-assess the quality; it was perfect. What makes it perfect is the kind of quality technology being used, like the Commis, Isuzu and Perkins engines, which are similar to what people are familiar with here. What attracted our atten- tion is the honest way of doing business, their response to customers, excellent delivery and their commitment to ensure that users get value for their money. We have a lot of packages to unveil in the near future. e core reason why we are in Nigeria is to re-assess the progress made so far in the assembling of the plant, which is at the top of the agenda. is is an investment that will attract over $40 million, and by the time the plant is installed, it will create more than 5,000 jobs in Nigeria. We are targeting the fi rst 12 to 18 months to employ 40 percent, which is 2,000 employees, while at completion, we will have created more than 5,000 jobs in line with govern- ment policy. When is the assembly plant coming on stream in Nigeria? Since this corporation is relative to the technical aspect, on our side we are ready to transfer the technology to Nigeria. Secondly, we have signed an MoU with Richbon on this corporation. Chike Muonagolu, chairman/ CEO, Richbon Group, told us that the MoU between Richbon and the state government was making tremendous progress. According to Richbon, they are awaiting approval from the National Automotive Indus- tries, while the government of Anambra State has demonstrated willingness. An MoU would be signed very soon for the location of the plant, which Anambra State government would give the land as equity. As soon as the MoU is ready in the next week, we review it and the parties involved would be given time to study it. Once it is signed, the assembling of the plant will begin. ● http://businessdayonline.com/2014/11/