Chinese companies target investment opportunities
Strong bilateral relations
There are currently over 50 Chinese enterprises investing and operating in Namibia.
Chinese ambassador to Namibia Zhao Weiping has revealed that numerous companies have approached the embassy, expressing interest in investment opportunities in Namibia, since the beginning of the year. Zhao made the remarks at the embassy’s first press meeting of the year, held on Tuesday.
He said the investment interest comes as no surprise, as China has become Namibia’s largest source of investment and second-largest trading partner. “China’s direct investment accounts for 29.6% of the total foreign direct investment (FDI), per data from the Bank of Namibia, and bilateral trade volume exceeded N$1.3 billion for the first time last year,” Zhao said.
50 enterprises, more underway
Zhao further indicated that the construction of the Xinfeng lithium processing plant has been completed. “Xinfeng is expected to start production later this year. As you may already know, Chinese companies [Yintai Gold and Sinomine Resource Group] are proceeding with the acquisition of Twinhills gold mine and the Tsumeb smelter,” he said.
Highlighting trade and economic cooperation, the Chinese ambassador noted that there are currently over 50 Chinese enterprises investing and operating in Namibia. The Husab and Rössing uranium mines are doing very well, he said.
In terms of development assistance cooperation, Zhao said the Chinese government grant has helped construct four schools in the northern part of the country and a satellite data receiving station, which is set to finish construction soon.
According to Zhao, their largest grant project yet is the construction project of the new airport road B2 section, which he said is progressing as planned. They have also implemented the Chinese food emergency assistance, announced in October last year, which he said is in full swing.
People-to-people relations
About the sub-national exchanges and the Namibia-China people-to-people relations, Zhao highlighted the visits of the executive vice governor of Jiangsu Province of China, Fang Wei, who visited the country in April, and the Association of Local Authorities of Namibia (ALAN), who visited China last month.
He said: “With the sponsorship of the Chinese government, the football team of the Namibia School Sport Union (NSSU) made its trip to China to participate in this year’s International School Sport Federation Football (ISF) World Cup. A group of five children from the Windhoek Children’s Home are also set to travel to China to attend the ‘China-Africa Children Hand-in-Hand’ programme funded by our government.”
Looking forward to bilateral relations in the second half of the year, Zhao said the most important event will be the Forum on China-Africa Cooperation (FOCAC).
“We are looking forward to the participation of Namibia in this important gathering of the Chinese and African leaders,” he said.
He said the investment interest comes as no surprise, as China has become Namibia’s largest source of investment and second-largest trading partner. “China’s direct investment accounts for 29.6% of the total foreign direct investment (FDI), per data from the Bank of Namibia, and bilateral trade volume exceeded N$1.3 billion for the first time last year,” Zhao said.
50 enterprises, more underway
Zhao further indicated that the construction of the Xinfeng lithium processing plant has been completed. “Xinfeng is expected to start production later this year. As you may already know, Chinese companies [Yintai Gold and Sinomine Resource Group] are proceeding with the acquisition of Twinhills gold mine and the Tsumeb smelter,” he said.
Highlighting trade and economic cooperation, the Chinese ambassador noted that there are currently over 50 Chinese enterprises investing and operating in Namibia. The Husab and Rössing uranium mines are doing very well, he said.
In terms of development assistance cooperation, Zhao said the Chinese government grant has helped construct four schools in the northern part of the country and a satellite data receiving station, which is set to finish construction soon.
According to Zhao, their largest grant project yet is the construction project of the new airport road B2 section, which he said is progressing as planned. They have also implemented the Chinese food emergency assistance, announced in October last year, which he said is in full swing.
People-to-people relations
About the sub-national exchanges and the Namibia-China people-to-people relations, Zhao highlighted the visits of the executive vice governor of Jiangsu Province of China, Fang Wei, who visited the country in April, and the Association of Local Authorities of Namibia (ALAN), who visited China last month.
He said: “With the sponsorship of the Chinese government, the football team of the Namibia School Sport Union (NSSU) made its trip to China to participate in this year’s International School Sport Federation Football (ISF) World Cup. A group of five children from the Windhoek Children’s Home are also set to travel to China to attend the ‘China-Africa Children Hand-in-Hand’ programme funded by our government.”
Looking forward to bilateral relations in the second half of the year, Zhao said the most important event will be the Forum on China-Africa Cooperation (FOCAC).
“We are looking forward to the participation of Namibia in this important gathering of the Chinese and African leaders,” he said.
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