More Chinese footwear firms eye Africa
18/06/2013
Zheng Yuewen, chairman of CABC, which represents more than 550 Chinese companies in Africa, told media agency Xinhua that Chinese companies will move their factories to Africa to help the continent upgrade its technological ability.
Chi Jianxin, president of the private equity-backed CADFund, added: "In contrast to state-owned enterprises, whose African sales are largely based on huge infrastructure projects, private-sector Chinese companies are more sophisticated in processing local products like cotton and leather into manufactured goods such as garments and shoes."
More than 700,000 people have benefited from the CADFund throughout the continent over the past six years, said Xinhua. Its investment contributes $1 billion in tax to different African governments, and funds the export of $2 billion worth of goods each year.
CABC is also launching a $1 billion fund that will focus on mining in Africa.
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