Wahaha eyes African market

Zong Qinghou, chairman of China beverage giant Hangzhou Wahaha Group, said on Wednesday that the company is preparing to enter the African market.

Zong made the remarks at the 2014 World Hangzhou Entrepreneur Convention, saying that enterprizes in Hangzhou are looking around the world for new business opportunities.

Zong said that together with Hangzhou-headquartered Conba Group and Hangzhou Minsheng Pharmaceutical Group, Wahaha is to enter Angola and Madagascar as a next step in the company’s strategy.

"Angola covers 1.2 million sq km with 35 million hectares of arable land. Industry there is barely developed and all necessities rely on import. It is in desperate need to attract foreign investment to develop its agriculture, fishery and other industries," he said.

Zong said that the company had already signed a memorandum of cooperation with the Angolan government for investment.

"It is the same situation with Madagascar and we are going to develop its tourism and other industries," he said.

Zong said that Africa is the new opportunity for enterprizes in Hangzhou that are wishing to go global.

"This time we are going out in a group so that we can get more government attention and preferential policies," he said.