PIGA-supported companies strike prospective deals worth $110 million during China import expo
02 Jan. 2019
Companies supported by Partnership for Investment and Growth in Africa (PIGA) project have developed far-reaching partnerships with potential Chinese importers during the China International Import Expo (CIIE) held in Shanghai on 5-10 November 2018.
The results of PIGA companies in the CIIE proved impressive. The 14 PIGA companies from Ethiopia, Kenya, Mozambique, and Zambia, have made 185 potential deals, reaching $110.718 million on yearly basis. Among them Daisy Meats Ltd., a company producing processed pork meat in Zambia, has concluded 20 potential deals, with an estimated value of $75 million.
Ranging from meat to beverages, the offering of PIGA-supported companies predominantly focused on agricultural products. Zambian agribusiness firms obtained letters of intent to export pork, rice, cashews, and honey products worth approximately $90 million to counterparts in China. Companies from Ethiopia struck potential deals to export oil seeds, coffee, mango beverage, and spices to China. Four companies from Kenya have agreed to supply coffee beans, tea, sauces, and honey to Chinese importers. Companies from Mozambique are set to sell powder from Baobab trees, cashews, coffee, and fruit to the Chinese market.
‘This is a game-changing opportunity,’ added Daisy Sandu, who runs Daisy Meat in Zambia.
At the CIIE, PIGA-supported companies exhibited their goods to potential buyers at stands within the sector-specific exhibition halls organized by ITC. African companies were also promoted at the ITC pavilion.
In addition to organizing the participation of companies in the Expo, ITC has also held a PIGA symposium promoting sustainable foreign investments in agro-processing and light manufacturing sectors in Ethiopia, Kenya, Mozambique and Zambia and discussing financing and risk control for Chinese companies investing in Africa.
ITC will continue to provide support to PIGA companies in the process of finalizing and materializing prospective deals. ITC will also develop recommendations for companies for future participation in the CIIE.