Out of Africa

The annual Forum for Economic Co-operation between China and Portuguese-speaking Countries, held in the Guinea-Bissau capital from Friday drew to a close yesterday. Some of the 280 participants cemented a number of trade and infrastructure agreements, reports Portuguese-language publication Lusa.
Among the trade partnership agreements signed was a Memorandum of Understanding on the construction of an airport by the Guinea-Bissau Government and the China Machinery Engineering Corporation (CMEC), including expansion work on the existing international airport, reports Lusa. Additionally, the company plans to build a power transmission station, a deep-water harbour, and infrastructure – including roads, bridges and social housing – in the capital of Bissau, the newswire reported.
Macao Trade and Investment Promotion Institute President Jackson Chang said during the event that Macau could serve as the perfect platform for companies trying to expand to China, with Guinea-Bissau acting as proxy for companies from the Mainland and SARs trying to break into West Africa, the news agency reports.
“Guinea-Bissau is a totally new country for us. We waited a long time to come here and finally the companies’ meeting was made here,” Chang told Lusa.
The IPIM president underlined the tourism, cashew and fishing sectors as the most attractive for business opportunities, dismissing fears of political instability, “I didn’t even think about it, and all delegates are happy to be here,” he told Lusa.
China on Guinea-Bissau’s side
The tourism sector was also considered extremely attractive by the director of the China Chamber of Commerce, Han Meiqing, but misgivings still remain as the director admitted at the Forum that Chinese investment could take time due to the current slowdown of the Chinese economy and results may only be achievable in “one or two years”, reported the newswire. Han noted that “current studies” are underway to determine the best countries for Chinese business investment, Lusa reported.
China is “completely open and available” to help in development through “concrete action” stated the Chinese ambassador to Guinea-Bissau, Wang Hua, at the close of the ceremony. The ambassador assured the country of its continued help, stating: “The Chinese Government has always been on Guinea-Bissau’s side, as well as of businessmen from other Portuguese-speaking countries. Now it all depends upon the Guineans,” reported the news agency.
Build and they will come
In the opening speech of the Forum Guinea-Bissau President José Mário Vaz presented the African country as a “handful of opportunities” for China and for the community of Portuguese-speaking Countries, Portuguese newspaper Ponto Final reported.
Speaking directly to Chinese businessmen, the Guinea-Bissau President praised the political will to build an economic partnership with China.
“We are convinced that the dynamic, quality of the tools China puts [forward] today on all co-operation factors will help make the pillars of our national economic development building more robust,” Ponto Final reported.
According to the most recent data from China Customs presented on the Macau Forum website, trade between China and Guinea-Bissau in the first month of 2016 totalled US$1.907 million (MOP15.24 million), while trade between Portuguese-speaking Countries topped US$6.158 billion, a decrease of 24.38 per cent from a year earlier and an 18.69 per cent drop from the previous month.