Chinese group organises consortium of private companies to invest in Angola

8 March 2016

The Wahaha Group, based in Hangzhou, in China’s Zhejiang Province, will organise a consortium of Chinese private enterprises to invest in Africa in general and Angola in particular, the group’s chief executive said Monday in Beijing.

Zong Qinghou said in a panel at the National People’s Congress that he had received from the President of Angola and several ministers, “a cordial invitation for Zhejiang enterprises to invest in the country.”

He said he had been attracted to Africa because of the immense natural resources of the continent and the fact that the Chinese government actively promotes the internationalisation of Chinese companies and groups.

Cited by the South China Morning Post, Zong also said the time had come “to look with fresh eyes to Africa, given that we need to industrialise and we need its resources.”

Reinforcing what he had previously said, Zong Qinghou said he would promote the establishment of the consortium, a large group of private companies in China, “to offer help to African countries in their industrialisation processes.”

In the case of Angola, he said, the occurrence of natural gas reserves, copper and diamond mining and large available land areas were the most attractive points for Chinese companies.

The Minister of Foreign Affairs of China, Wang Yi, who attended the panel agreed with the statements of the President of the Wahaha Group and gave assurances that the government would support Chinese private companies that want to deploy capital in Africa. (macauhub/AO/CN)