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People's Daily Online>>China Business

Overseas contract values rise

By Bao Chang (China Daily)

14:56, February 22, 2012

Chinese workers train their Angolan colleagues to roll steel at a CITIC Construction Co Ltd worksite in Luanda, the capital city of Angola. Officials say the development of Chinese construction contractors in Africa will continue in the coming years.(Photo/China Daily)

Chinese firms are looking to regain their growth momentum in Africa

BEIJING - The rising value of new contracts signed by Chinese companies in Africa is aiding the recovery of Chinese offshore construction contractors. Many suffered large losses in the political turbulence that affected North Africa and the Middle East last year.

Africa has long been a major overseas destination for Chinese construction contractors. That has been reflected in increases of more than 30 percent every year since 2006 in both the value of contracts and revenues of Chinese companies operating on the continent.

The uncertain geopolitical scenarios in North Africa and the Middle East at the beginning of 2011 resulted in business stagnating for many Chinese enterprises in those regions.

According to the China International Contractors Association, the value of newly signed contracts in Africa in the first half of 2011 declined 22 percent year-on-year to $15.28 billion.

However, some Chinese construction companies have reported positive performances in those African markets that experienced political turbulence, but are still offering new opportunities.

"We witnessed annual business growth of between 10 and 20 percent in the African market in 2011, although some contracts in North Africa were postponed because of political instability in the first half of last year," said Wang Xiaoguang, director-general at the overseas department of China Communications Construction Co Ltd, on Tuesday. Wang added that the company will maintain its growth momentum in Africa this year.

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