China which is one of the biggest trading partners of Nigeria has vowed to invest more in the country which will stimulate the local economy.
Chinese President, Xi Jinping
China has pledged increased investments in Nigeria and other nations of the world by its citizens and private business concerns as it vows to open up more to the outside world.
This is a main agenda of the 19th National Congress of the Communist Party of China, which opens in Beijing today (Wednesday) at the Great Hall of the People.
The spokesperson for the congress, Mr. Tuo Zhen, said at a pre-congress press conference in Beijing on Tuesday that following the decision taken at the 18th congress five years ago, investment cooperation by Chinese companies had positively contributed to many host countries in helping them to improve industrial standards and achieve economic and social development.
According to him, between 2013 and 2016, Chinese companies invested about $560bn overseas, paid over $100bn of various kinds of taxes to the host countries, and created millions of jobs for the local communities.
“The investment by Chinese companies has helped the destination countries transform their resources and labour advantages into strength for development; and investment by Chinese companies is welcomed by the host countries,” Zhen stated.
According to him, China advocates international cooperation on production capacity, which is aimed at leveraging the comparative strength of all countries, serving the development needs of the nations, and building a more balanced and inclusive global industrial chain.
He noted that in a highly open international market, Chinese companies face fierce competition from local and global firms.