ZCZC
BCN-29
CHINA-PRIVATE-FIRM-AFRICA
Chinese private firms eye great potential in Africa
HANGZHOU, Sept. 9, 2018 (BSS/Xinhua) – Chinese private firms have been
showing growing interests in expanding their businesses in Africa, multiple
entrepreneurs said at a recent Sino-Africa economic summit.
China-Africa Private Sector Cooperation Summit, held Thursday in Hangzhou,
capital of east China’s Zhejiang Province, were attended by more than 300
representatives from governments, private businesses, and research
institutions in both China and Africa.
Zhejiang is home to many of China’s most successful private businesses.
They contributed nearly two-thirds of the provincial economy in 2017,
according to local statistics. Hangzhou is clustered with the country’s
internet giants such as Alibaba and Netease.
“The cooperation between China and Africa presents an opportunity for
entrepreneurs,” said Jack Ma, chairman of Alibaba Group. “Internet, e-
commerce, these are all areas entrepreneurship can play an important role.”
Statistics from China’s Ministry of Commerce shows that the trade volume
between China and Africa reached 170 billion U.S. dollars in 2017, up by 14
percent.
“Investment from China’s private businesses has also increased rapidly and
is gradually becoming a new force in China’s investment in the continent,”
said Qian Keming, deputy minister of Commerce at a press conference held in
Beijing late August.
The number of Chinese-invested companies in Africa has exceeded 10,000,
with more than 80 percent of them being private businesses, according to
statistics from the Ministry of Commerce and China-Africa Business Council.
Wang Jianyi, chairman of Hangzhou-based Futong Group, predicted that
around 150,000 km of optical cables will be laid in Africa in the next 15 to
20 years.
“That would be worth hundreds of billions of dollars, ” Wang said.
Futong Group is one of China’s top 500 private enterprises in 2017 and
leading vendor of optical fiber and cables in China. The company has tapped
into many markets in Africa, including Kenya, Nigeria, Seychelles, and
Angola.
“Africa is a magical land where we often feel a calling,” Wang said. “It
is full of opportunities.”
BSS/XINHUA/HR/1235