More Chinese private sector investment expected in Africa

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02:22

Many enterprises have descended on Hangzhou City in eastern China for the first ever China-Africa Private sector cooperation summit. Fresh off the FOCAC Summit in Beijing, this new event aims to encourage more private economic exchanges between China and Africa.

The private sector accounts for more than 60 percent of China-Africa cooperation./CGTN photo

Some 300 delegates from Chinese and African governments, private enterprises and research institutes are attending the China-Africa Private sector cooperation summit.

Bou Diarra, the President of Solink Professional Services, said with the commitment of the Chinese government to supporting African countries, more African countries can develop industrial projects that can create value added products.

Many African businessmen say they have stronger confidence in future collaboration. /CGTN photo

Linus Idahosa, the President of Del-York Creative Academy, told CGTN that what benefits Africa more is the understanding of mutual areas of collaboration, but more needs to be done to ensure that those resources are used well in Africa.

At the summit, the first list of three cooperation zones with Chinese private sector investment in Africa was released. /CGTN photo

The All-China Federation of Industry and Commerce issued the list, as many Chinese and African enterprises also signed further project agreements.

Lu Qiyuan, the President of the Ethiopian Eastern Industry Zone told CGTN that the industry zones will largely reduce the risk of private enterprises’ investment in Africa. Because they will provide the land, power and water supplies, and with additional funding support, they hope more Chinese private enterprises will go to Africa.

The event features one main forum and three sub-forums, focusing on capacity cooperation, infrastructure development and healthcare industry development.

The summit is expected to further expand the impact of the FOCAC that just concluded in Beijing./CGTN photo

El. H. Diouf, the head of marketing for the International Supersource Trading company, told CGTN that Africa is a welcoming land and has a lot of opportunities, but they don’t have enough resources to exploit them, so they need a country like China to come help.

More economic cooperation zones with Chinese private sector investment are expected in Africa in the coming years. The growing economic exchanges will write a new chapter of Belt and Road Cooperation in Africa.

(Top photo: The first ever China Africa Private Sector Cooperation summit was held in Hangzhou on Sept. 6. /CGTN photo)