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Belt and Road paves the way for overseas investment

2019-10-21 10:11:39 ChinaDaily

Companies based in Zhuhai finding ways of branching business out into key African and Asian markets

Companies based in Zhuhai finding ways of branching business out into key African and Asian markets

XH Smart Technology Africa, a subsidiary of the Zhuhai-headquartered XH Smart Tech (China) Co recently opened an information technology institute in South Africa. The institute is part of its effort to nurture more female IT experts in the region.

In August, XH held an inauguration ceremony for the Faith Mangope Technology and Leadership Institute in Johannesburg, South Africa.

In cooperation with local host Faith Mangope, the institute aims to provide IT majors in South Africa with financial support.

Chen Jie, an executive at the company, said XH is dedicated to observing Africa's local environment and participates in social welfare construction.

"We hope the institute can help African women to achieve in studies and contribute to Africa's social and economic development," Chen said.

Chen added the move can also help promote a bilateral relationship between China and Africa in cultural exchanges.

In 2016, XH cooperated with its counterpart in South Africa to establish the subsidiary.

Last year, the African subsidiary offered more than 12 million social security cards to residents and had become a key bank card provider in South Africa.

Just like XH, companies of Zhuhai have forged ahead in developing overseas businesses thanks to the Belt and Road Initiative.

"Private companies have become stronger and require a bigger market.

"That can be achieved through opening-up and cooperation with overseas partners," said an official at the Zhuhai Enterprise Association for Foreign Economic Cooperation.

Private enterprises are more sensitive and flexible to markets. They are willing to enhance their international competitiveness by building overseas manufacturing bases, directing mergers and acquisitions, and managing contracted projects, the official said.

Many companies of Zhuhai have made significant achievements through cooperation in infrastructure development, equipment manufacturing, commercial services and information technologies, he added.