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Chinese firms now embrace 'best time' for investing in Africa

(Xinhua)
Updated: 2009-02-18 11:39

"Now is the best time for Chinese firms to invest in Africa," Craig Bond, chief executive of South Africa Standard Bank China, told Xinhua Tuesday.

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Bond said as some developed countries have withdrawn their investment in Africa following the worsening global financial crisis, there are more opportunities for Chinese firms.

He added that low commodity prices would also cut costs of investing in the mineral and power industries in Africa.

Bond said he regarded the visit of Chinese President Hu Jintao to Africa this week as an upbeat note for strengthening trade and economic cooperation between China and Africa.

Standard Bank is hoping to help more Chinese companies invest in Africa, as a strategic partner of China's biggest lender, the Industrial and Commercial Bank of China (ICBC), he said.

South Africa Standard Bank is the largest commercial bank in Africa, with more than 1,000 branches across the continent. China's ICBC bought a 20-percent stake in the bank in 2008 and became the top shareholder of the Johannesburg-listed Standard Bank.