Business / Economy

Chinese entrepreneurs vow to partner with their Kenyan counterparts

(Xinhua) Updated: 2015-07-22 09:37

NAIROBI - Chinese entrepreneurs on a bench-marking trip to Africa on Tuesday visited one of Kenya's largest manufacturing facilities as part of plans to enhance Sino-Africa ties.

The Industrial and Commercial Bank of China (ICBC) which is organizing the tour said that entrepreneurs from the two regions have a lot to learn from it each other.

"China and Kenya are still developing countries and can share experiences and challenges related to reducing unemployment through expansion of the manufacturing sectors," ICBC's Deputy General Manager of Investment Banking Department Zou Xin told Xinhua during a tour of Bidco Africa.

Bidco, which is located in Thika town, about 40km on the outskirts of Nairobi, is the largest edible oil producer in East and Central Africa.

The tour is part of the China-Africa entrepreneur forum that is taking place in Kenya.

Zou said government to government exchanges between Kenya and China are at an advanced stage.

"So entrepreneurs need to create platforms to ensure that their level of cooperation reaches that of two governments," he said during the visit.

ICBC, which is one of world's largest banks, is leading a delegation of top Chinese investors drawn from the financial, manufacturing, construction and trade sectors on a tour of the East African nation.

From Kenya, the delegation is set to tour South Africa and Ethiopia to scout for investment opportunities in Africa.

"We are now convinced that Africa will take its rightful position in the global stage through exploiting its huge potential in industrial development," Zou said.

He noted that Kenya's large pool of skilled labour will help it transform into a regional manufacturing hub.

Bidco Managing Director Vimal Shah said China has a lot to offer African entrepreneurs.

"China has shown that it is possible for a developing country to become a major economic powerhouse within a span of a few decades," Shah added.

Bidco, which is active in 16 countries in East and Central Africa, plans to enter the Southern African market by end of 2017.

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