The Managing Director (MD) of China State Construction Engineering Corporation Limited (CSCES), Li Jiqin, yesterday disclosed that Africa needs to expand on infrastructure to attract development.
He made this disclosure during a visit at the construction site of the Zu Town commonly known as Zi Town building which after completion will not only be the first skyscraper above five hundred (500) meter in Beijing but also the tall building situated at the Beijing Central Business District in an area called Gumao.
The Zi Town building if completed will be 528 meters with 108 stores to be completed by October 2018 with a total cost of 24 billion Yuan.
CSCEC is a Chinese company that is ranked the third largest in the world and the 20th largest general contractor in terms of overseas sale with numerous branches or subsidiaries according to the Company’s MD, explaining that it is divided into five divisions and twelve traditional core business areas including eight national research engineering offices an four Design Institutes as well as its own national research laboratory.
The Managing Director disclosed that their main business units are planning and design, project development, equipment leasing, trade, construction and facilities management, stating that since it inception in 1957 as a State Company, it was the first Chinese company to go international.
Li Jiqin maintained that the Company played a vital role in the transformation of China economy throughout the past three decades through infrastructural development in the area of construction of major railways, subway, airports, roads, and even major roads that linked China to other countries.
Citing the flagship projects undertaken by the Company he maintained that they constructed over 90 percent of the skyscrapers in China, the 2008 Olympic games stadium in China, the CCTV building, the African Union Centre in Ethiopia, the biggest Mosque in Africa in Algeria, one of the two stadia in Congo Brazzaville that will host the 2017 African Nations cup and other major projects in USA, Europe and other part of the world.
He explained that China was able to overcome it economic hardship in three decades mainly as a result of massive construction across the country that attracted foreign investors who did not only contribute to the country’s economy but also capacitate the local people who in turn became experts.
According to him with support from the Chinese government and financial support from the Export-Import Bank of China (EXIM Bank) the Company took bold step as a builder and investor of overseas projects, disclosing that in 2011 the company opened the Baha Mar Resort, a $3.4 billion casino and resort project which is the largest construction project undertaken by a Chinese Company outside of China.
The CSCEC Managing Director disclosed that they are willing and ready to expand with their projects across Africa which is seen as the potential world’s market and resource centre where everyone is trying to secure position to invest.
He encourage Africa Leaders to open up to infrastructural development which is the back bone of all developmental activities as Chinese investors are looking out for countries to invest but that they are constraints with the level of infrastructures in Africa which need to be improved.
Explaining about his company desire to invest in Africa he disclosed that presently they have 20 branches in 21 African countries where they are currently implementing various projects with the hope of expanding to other countries if the opportunity is given to them.
Original article can be found here.