While China is inviting investors from the West, many private businessmen in the country are exploring overseas markets in Africa.
Zhao Xianwen, president of Huafeng Co. Ltd. in east China’s Zhejiang Province, is running a shopping center in Johannesburg, South Africa. It is currently the largest commercial center in Africa with an investment of 40 million yuan (US$4.8 million).
More and more private entrepreneurs are following suit. They believe that a diverse potential in imports and exports exists between African countries and China.
“Africa has abundant resources of minerals and oil while China produces cheap and good daily commodities, light industry and electromechanical products,” said Zhu Youyi, an entrepreneur who just returned home from an African market inspection.
China’s private businesses have accumulated experience, capital and technology thanks to the reform and opening up drive China started in late 1970s. Private businesses now need to explore new potential markets.
A private business in Zhejiang is planning to open a power generating equipment plant and a wholesale market in Nigeria.
Another company has just successfully set up a project of methane tanks in Uganda which is expecting further cooperation with the enterprises from China in developing solar energy and hydropower projects.
The Chinese government supports the endeavor of these private enterprises and many African countries have adopted preferential policies to attract investment from China.
(Xinhua 02/08/2001)
