COMESA has signed a Memorandum of Understanding (MoU) with the China-Africa Business Council (CABC) to provide a framework for promoting economic cooperation between the two organizations. Secretary General Sindiso Ngwenya and CABC Executive Secretary Mr. Bai Xiaofeng signed the MoU in Hangzhou, China on 9th March 2018.
The agreement seeks to promote and facilitate trade, investment and encourage industrial development, research, technology transfer, skills development, financial services, shipping services and logistics between the two parties.
Mr Ngwenya, who is the Honorary Chairperson of the Coordinating Committee of the International Network on Small Hydropower, was in China to enhance cooperation between the two organisations in green small hydropower development. The mission was meant to increase the outreach of the International Centre on Small Hydropower (ICSHP) and to explore investment opportunities for the COMESA region.
During the visit to China, the Secretary General toured several companies including Holley Group of Hangzhou, which is a diversified global manufacturing company active in pharmaceuticals, smart grid and new energy. The Chairperson of Holley Group Board is now the Chairman of the China-Africa Business Council.
Other leading companies and institutions visited include Zhejiang University, China Academy of West Region Development, the Institute of Overseas Safety and Security (OSS), the People’s Government of Huzhou City, Zhejiang province, Children’s Wear town, Tianneng Group, the Fejian Group, Voith Shanghai company for hydropower equipment and Shanghai United Assets and Equity Exchanges.
During the meetings, various areas of collaboration and follow up actions were identified with the respective institutions. These may necessitate signing of MoUs with COMESA.