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China Touchroad Group wants Africa industrial parks

Thu 15 May 2008, 8:44 GMT
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MAPUTO (Reuters) - Shanghai-based Touchroad International plans to invest $250 million to help build five industrial parks across Africa, with the first planned in Botswana this month, the group's chairman said on Thursday.

"This is the biggest project we are doing in Africa and this kind of industrial park, we want to set up five in Africa for the coming years," He Liehui told Reuters at the African Development Bank's annual meeting in Maputo, Mozambique.

He estimated the group's projected future investment to be in the region of $250 million, with the company providing direct funding of $51 million for the project in Gabarone, Botswana.

He said construction on the industrial park -- estimated to be worth a total $200 million -- situated on a 5 square kilometre site in Botswana's capital, was due to start in May.

The park, expected to be completed in 2011, would provide an estimated 8,000 jobs and offer a range of services, including factories for the textile, electronics and automobile sector.

He said Touchroad started investing in Africa a decade ago and has a presence in 18 countries across west and southern Africa.

China has moved swiftly to ramp up investment in the world's poorest continent, in some instances displacing traditional Western investors as it targets Africa's diverse minerals and resources to feed its booming economy.

 
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