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Investment opportunity awaits Africa in Jiangsu / by Mary Poni Yugu, August 31, 2016 Adjust font size:

African countries are set to benefit from one of the longest serving businesses in Jiangsu Province, Jiangsu Overseas Group Company Limited (JOC), in order to transform the continent's economy if the opportunity is provided.

This information was disclosed during a discussion with senior officials from JOC, who expressed their desire to invest in African countries, which according to them is the second biggest market for China.

JOC was established in 1984 and listed as a Pillar of Enterprise of Jiangsu Province in 1996 with a capital registration of 500 million yuan, or US$74.87 million and is empowered by the People's Government of Jiangsu to invest, operate and manage with state-owned assets.

The company, with about 4,500 staff, has grown into a comprehensive investment group primarily engaged in international trade, industrial investment, modern service businesses and overseas investment, according to Mr. Huang Hongliang, chairman board of directors of JOC.

He disclosed that the company has realized an annual turnover of over 15 million yuan, or US$ 2.25 million, with import and export volumes of US$1.6 billion and total assets of 8 billion yuan, around US$1.20 billion. “With 31 years of international trade experience, JOC made a total import revenue of US$11 billion from 2001 to 2015. JOC has become a mainstream importer and also occupies a significant market share with substantial influence in the province because of its strong management strength,” he recalled.

He pointed out that JOC has successively invested a lot in enterprises as a way of promoting industrialization in Jiangsu and outside the Chinese mainland through Zhongshan Company Limited.

Senior officials at JOC Group maintained that exchange rates, lack of investment ideology, lack of security, political instability and complex government policies regarding foreign investment are responsible for the lack of large-scale investment in Africa, and western Africa, in particular.

They informed the African journalists delegation about their intention to flood the African continent with massive industrialization and trade in order to create a good business environment with the help of various governments in Africa.