Chinese firms have 'key role' in Africa

Chinese companies have a key role in ensuring sustainable development in Africa and helping its economies tackle challenges such as limited export opportunities, weak infrastructure and unemployment, business executives from China and Africa said on Tuesday.

Buoyed by Africa's ability to provide new markets and sustain growth, more of those companies are opening new businesses and utilizing cooperative models across the continent. They are attracted by Africa's boom in consumption upgrades and new policies to build modern manufacturing and transportation systems.

Justin Yifu Lin, former chief economist and senior vice-president of the World Bank, said industrialization and modern agriculture will get a major boost in Africa from the growing presence of Chinese companies. The companies' experience in Africa also will help them in their quest to move up the value chain and build a bigger platform for bilateral collaboration.