The Africa Guangdong Association of Commerce (AGAC) held an Invest in Africa Conference in Guangzhou, Guangdong Province, on May 30, aimed at finding ways to promote sustainable investment for the development of the African continent. In attendance were the general consuls from the 10 African countries who have consulates offices operating in Guangzhou, including Nigeria, Sudan and Ethiopia.
Delegates also included representatives from China Council for the Promotion of International Trade Guangdong Committee, New South Group and Institute for African Studies of Guangdong University of Foreign Studies.
In recent years, with the implementation of China's Belt and Road Initiative, Guangdong has provided successful channels for the internationalization of many businesses. The establishment of AGAC marks a new era for Guangdong in promoting the province's investment in Africa, which will focus on improving the employment levels for the growing African labor force under the advisement of diplomats from the different African countries.
"Guangdong has a unique advantage for investment in Africa," said Chen Yuejin from AGAC. At present, Guangdong Province's rapid growth in exports to Africa is an important part of the province's participation in the Belt and Road Initiative. Guangdong and Africa's economies are highly complementary, with large exports focused on mechanical and electrical products, according to Chen. The general consuls expressed their support for the AGAC mission to institute sustainable investments in Africa as well as for the launch of the Africa Business School, which will focus on the young African generation in China and Africa, especially in the field of international investment management.
In his keynote speech, Zhu Layi Director of Guangdong New South Group and President of AGAC said he will lead AGAC branches and third-party financial institutions to jointly create an investment industry park. In addition he pledged to build a Chinese medical center and continue to promote the culture of Chinese medicine. AGAC will also partner with leading institutions to establish the Institute for African Strategic Development. AGAC will network with 100 organizations, bring billions of assets to Africa, and create over 100,000 job opportunities to help Africa's sustainable growth, he noted.