Home> Investment>Biz Updates

Nantong enterprises invest 31 projects in Africa

(chinadaily.com.cn) Updated: 2018-09-19

In recent years, Nantong enterprises are been actively “going abroad” and developing trade businesses with many African countries and regions. By the end of August, Nantong enterprises had invested 31 projects in Africa, with total investment of $329 million.

Nantong enterprises’ investments in Africa mainly involve real estate, building materials, textiles and optical communications; 13 projects are related to construction and real estate. S&C International Group and Longding Investment Nantong Company respectively invested $98 million in Johannesburg of South Africa and Luanda of Angola to establish real estate and trading companies. Jiangsu’s New land international trading company invested $20 million in Luanda to carry out trade, investment and construction. Jiangsu Nantong No 3 Construction Engineering Group invested five million dollars in Namibia to set up Namibia Sun Investment Group.

Additionally, Jiangsu Zhongtian Technology invested $22 million in Morocco to construct an optical communication production base, Nantong Qunzhan home textile company invested $9.5 million in Ethiopia to set up a company involved in textile, clothing, shoes and hats manufacturing, Nantong Yuantu international trade company invested eight million dollars in Ethiopia for furniture manufacturing, and Nantong Yijiaren home textile company invested five million dollars in Zambia for agriculture.

In addition to placing investments, Nantong enterprises have also undertaken many international projects in Africa. From 2013 to the end of this August, Nantong had completed outsourcing services in Africa with a turnover of $6.044 billion, accounting for 52.71 percent of the city's total. Nantong Construction Group has been engaged in engineering contracting in more than 10 African countries such as Sudan, Zimbabwe and Mozambique for a long time. Jiangsu Nantong No 3 Construction Engineering Group signed a contract worth $ 126.98 million with the Democratic Republic of the Congo for a copper mine project and Longxin Construction Group signed a contract to build a new campus project for Cape Verde University, with a contract value of $51.49 million.