Hong Kong businessmen turn their eyes to Africa

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HONG KONG, June 30 (Xinhua): More and more businessmen from Hong Kong were turning their eyes to developing Africa for opportunities in the potential gold mine, Vice Chairman of the China-Africa Business Council Hong Kong Cammy Chan said Friday.

Speaking on the sidelines of the China-Africa Business Council Hong Kong Forum 2008, Chan said Hong Kong businessmen "did not favor Africa in past years" typically because they were frightened off by the ideas of underdeveloped infrastructure.

But an increasing number of entrepreneurs have been trying to catch up with their compatriots from the Chinese mainland, including Justina Wu, director of a precision machinery company who went on a Hong Kong trade mission to Africa in April.

Wu said there were plenty of business opportunities in Africa.

Businessmen from the Chinese mainland started exploring opportunities in Africa much earlier and could be seen in many places in Africa nowadays. "China and Africa are natural partners, " Maurice Strong, former special advisor to the United Nations secretary general, said at the forum at the Hong Kong Baptist University Friday.

"China has already demonstrated a high degree of social responsibility in its assistance to African countries where its investment and resources have been accompanied by important contributions to social infrastructure," he said, citing the examples of hospitals, schools, clinics, among others.

Strong also expressed his hopes for China to be a prime contributor to the sustainable development of African economies while acknowledging potential challenges.

Bilateral trade between the Hong Kong Special Administrative Region (HKSAR) and Africa has averaged an annual growth of over 8 per cent, said Joseph Lai, director general of trade and industry of the HKSAR government.