Afreximbank Urges Twinning Between Chinese Industrial Parks, African Cities | Independent Newspapers Limited
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Afreximbank Urges Twinning Between Chinese Industrial Parks, African Cities

Posted: Mar 22, 2016 at 3:00 am   /   by   /   comments (0)

The establishment of twinning arrangements between leading industrial parks in China and African cities with industrial aspirations would help to accelerate the industrialization of the continent, the African Export-Import Bank (Afreximbank) has proposed.

Speaking on Friday when Qu Futian, Mayor of Suzhou, in Jiangsu Province, China, received an Afreximbank delegation at the Suzhou Industrial Park, Dr. George Elombi, Afreximbank Executive Vice President, said that such arrangements would make it possible for the African cities to attract the necessary investment and resources to become manufacturing centres.

Dr. Elombi said that, as part of its mandate to promote Africa-South trade, Afreximbank would assist in setting up such twinning arrangements, which, he noted, would also strengthen relations between Africa and China.

Mayor Qu had said that in 2015, products and services from the Suzhou Industrial Park accounted for $3.2 billion of China’s trade with Africa. In the same year, the industrial park accounted for eight percent of China’s export trade value and 7.7 percent of the import value.

Earlier, during a meeting with some companies operating in the industrial park, Dr. Elombi had told them that Afreximbank would work with those interested in setting up operations in Africa to identify suitable locations, find local partners and navigate local administrative landscapes.

Afreximbank would also be able to add confirmations to enable the companies secure the financing they needed in order to continue or to scale up their operations in Africa, he added.

Don Gao, Chief Executive Officer of Positec Group, said that his company, the sixth largest power tools company in the world, was interested in relocating some of its manufacturing to Africa and would be interested in working with Afreximbank to achieve that goal.