It is time for Chinese investors to go to Africa, a growing market where they can get promising profits, a senior official from Zambia said Saturday.
Newly emerging economic powers of Asia such as China should consider Africa as a profitable investment destination, or they would feel regretted if they do not seize the opportunity, said Felix Mutati, minister of Commerce, Trade and Industry of Zambia, at the International Investment Forum held in the coastal city of Xiamen, southeast China's Fujian Province.
Many African countries, sharing characteristics of an emerging market, are becoming more democratic and open, while trying to improve their administrative frameworks, the minister said.
Africa needs massive infrastructural projects, particularly roads, power plants, airports, and new mines to meet the demand of industrial development over the past decades, he explained.
"We would like Chinese people to build up factories in Zambia instead of simply selling commodities, so that we can develop ourselves," said Geoffrey Mwamba, executive chairman of G.B.M Group of Companies from Zambia, who came to China to seek business partners on shipping and cement production.
"There are some Chinese investors in Mozambique, but we want more to help us develop industries like agriculture, fishing, mining, construction, manufacturing, transportation and tourism," said Martinho Assane Muatxiwa, director of Tourism of Inhambane Province of Mozambique.
Promising that Africa boasts highly rewarding opportunities due to massive demand for ordinary consumer goods and bit-ticket items like houses and cars, Mutati encouraged Chinese and other world-class prospective investors to explore numerous opportunities which remain untapped in Africa to realize mutual economic benefits.
Direct investment by Chinese firms in Africa surged to 480 million U.S. dollars in the first half of this year, and the overall investment from China totaled 11.7 billion U.S. dollars by the end of 2006, official statistics show.
Chinese government has launched fund of 1 billion U.S. dollars to finance trade and investment by Chinese companies in Africa, in a fresh effort to facilitate Sino-African business relations.
Investment from China to Africa is expected to reach 2 billion U.S. dollars in 2007, according to Donald Kaberuka, president of the African Development Bank.
The forum was held on the sideline of the 11th China International Fair for Investment and Trade, an annual event held in this coastal city.
Source: Xinhua
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