It's Happening....
Capital "going-out" helps enterprises in global allocation of resources
- Details
- Category: Governmental News
- Published: Monday, 24 June 2013 10:28
Recently, the 21st session of the AU Summit was held in Addis Abeba, the Ethiopian capital. "The Summit focuses on the African Renaissance, and China signed a cooperation agreement with the AU at the meeting. This poses us a real opportunity for doing business in Africa." said Shi Zengchao, President of Ningbo Jinsheng Star IMP & EXP Co. Ltd., as well as the Chairman of the Sino-African Chamber of Commerce in Nigeria.
Jinsheng Star is one of the earliest Ningbo enterprises to invest in Africa. Since its first batch was opened in Benin in March, 1999, the company has established seven branches in six countries in Africa, with over 800 local employees. Currently, the "CheTex" textiles, the independent brand of the company, are available in every country in Africa. By the end of April, Ningbo had approved 100 enterprises' investment in Africa, with a total volume of $99.04 million. Five of the enterprises were approved in 2013, with a total investment volume of $21.1 million.
Besides Africa, the US and some developed countries in Europe have been popular target places for investment for Ningbo enterprises. In April this year, the Jiangdong-based Safewell Group established a 20,000-square meter logistics and distribution center at the Le Havre Port in France, a gateway to the European continent. So far, the company has established 56 overseas branches in such areas as Europe, Southeast Asia and the US. With its 16 well-known security brands, the company realized a global sales revenue of over $1.3 billion.
Currently, Ningbo enterprises have developed from the stage of products and labor "going-out" to the capital "going-out". Statistics from Ningbo Municipal Bureau of Foreign Trade and Economic Cooperation show that in the first four months of this year, 74 new overseas enterprises and institutions have been approved, with a total approved investment of $550 million, an increase of 15.5% over the same period last year. Among them, the investments in logistics, trade, R & D projects stood at $79.1 million, $129 million and $12.56 million respectively, up by 39.6%, 27.8% and 19.4% respectively. By the end of April, 1707 overseas enterprises or institutions had been approved, with an approved Chinese investment of $4.547 billion, in over 105 countries and regions.
