Sino-African ties poised to prosper(2)

Agreements for 120 projects valued at $10.3 billion were signed during the third China-Africa Economic and Trade Expo that was held in Changsha, capital of Hunan province, from June 29 to July 2, according to its organizers.

About 99 cooperation projects valued at $8.7 billion were announced, including 74 big-ticket projects involving 11 African countries, the highest number ever recorded.

Ezra Yakusak, executive director of the Abuja-based Nigerian Export Promotion Council, said there is immense potential for Chinese investment in Nigeria.

"Nigeria boasts a sizable young workforce and well-developed transportation infrastructure facilities, such as container ports and freight railways," he said.

These factors, he added, present a remarkable opportunity for Chinese companies to consider investing in the West African country.

Zhou Xiaoyan, vice-president of the Beijing-based China Council for International Investment Promotion, said China and African countries — by leveraging their respective strengths and resources — can foster greater integration in key sectors such as manufacturing, agriculture, infrastructure and technology.

Chinese companies are maintaining an active role in enhancing supply chains as they seek to expand collaboration with Africa and explore further opportunities for cooperation.

Zoomlion Heavy Industry Science and Technology Co Ltd, in addition to exporting construction machinery like excavators and bulldozers to Africa, plans to ship more agricultural machinery to promote agricultural modernization in the continent this year, said Wang Yongxiang, vice-president of the Changsha-headquartered engineering equipment manufacturer.

Jinzai Food Group Co Ltd, another Changsha-based snack food company with more than 2,400 employees globally, said it planned to import 300 million yuan worth of dried fish products from Kenya this year, after it invested 54 million yuan to set up an aquatic products factory in the East African country in May.

These dried fish products, apart from creating more than 1,000 jobs for local communities in the coming years, will be shipped and processed in China. They will be sold in domestic as well as overseas markets such as Russia, Japan, South Korea, Germany and the United States, said Liu Teyuan, the company's executive vice-president.