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|BEIJING Cheap New Balance 574 Pink , July？9 (Xinhuanet) -- China has become the world's third-largest country doing mergers and acquisitions in Africa, favoring the oil and gas sector, according to a report by international law firm Freshfields Bruckhaus Deringer released on Monday.
The country made 49 M&A deals totaling $20.8 billion in Africa since 2003, following the United Kingdom with $30.5 billion and France with $30.47 billion.
The value of African inward investment has tripled in the last 10 years reaching more than $182 billion, up 214 percent in 2012 compared with 2003.
"Africa's rapid pace of growth makes it an obvious investment partner for China in many jurisdictions," said Rob Ashworth Cheap New Balance 574 Grey , Freshfields Asia's managing director.
Chinese dealmakers favor the natural resources sector with $8.1 billion invested in oil and gas across three deals and $6.7 billion invested across 19 deals in metals and mining over the last 10 years, and their preference for these sectors will likely continue, said the report.
Globally, there were 1,190 M&A deals totaling $87.6 billion done in Africa over the same period.
"Extractives and mining opportunities have been big drivers of growth," said Ashworth. "However Cheap New Balance 574 Yellow , consumer-related M&As could take the limelight as GDP per household continues to grow, the middle class in Africa expands and consumer demand rises."
The value of investment targeting these industries has doubled in the last 10 years with $3.8 billion across 71 deals invested in 2012, up from $1.9 billion and 33 deals in 2003.
South Africa, Nigeria and Uganda became attractive destinations for Chinese investors with 23 deals totaling $16.4 billion, said the report.
One of the largest deals was the China-Africa Development Fund's acquisition of a stake in Misr Refrigeration and Air Conditioning Manufacturing Co, a Cairo-based manufacturer of refrigerators and air conditioning systems Cheap New Balance 574 Blue , from the Barakat Group, for $5.6 billion in 2010.
"The African economy is growing and China's similar development experience makes us believe that Africa is on the right track," said Chi Jianxin, president of the China-Africa Development Fund.
Chi said that Africa is full of opportunities and the African market is increasingly attracting multinational companies from Europe, the United States, Japan and South Korea.
As of this year Cheap New Balance 574 Red , over 2,000 Chinese companies have invested in Africa. Apart from the traditional big SOEs - such as PetroChina Co Ltd and Aluminum Corp of China - that are significant investors in the energy and mining sectors, private Chinese companies have in recent years become a key driving force.
Alan Wang, a Freshfields partner based in Beijing and Shanghai, told China Daily that Chinese privately owned companies see great opportunities in Africa given the continent's rising income levels and economic dynamism in recent years, and the high complementary nature of its economy and China's.
Wang said that main challenges to Chinese investors in Africa include lack of understanding of local laws Cheap New Balance 574 Green , particularly around labor, environment and taxes; inadequate infrastructure, particularly power supply, transport and logistics; and lack of political stability, as well as bureaucracy and corruption.
"They need to understand the local laws and be prepared to follow them. It is important to study the political environment and not to overly rely on special deals made with particular government officials since they may not hold once there is a change of government," said Wang www.cheapnewbalance574shoes.com , adding that companies should also never underestimate startup costs, consider structuring investments in Africa, and find an international partner.
Wang said that as the domestic economy slows, Chinese companies are likely to be driven to focus more on developing overseas markets, particularly in Africa, Southeast Asia and Latin America.
"Over the next few years we expect Chinese investment in Africa to continue to rise. SOEs will lead the way in services and manufacturing Cheap New Balance 574 Sale , to take advantage of low tariffs that some African nations enjoy when exporting to Western markets as protectionism rises against Chinese exports," said Wang.
？(Source: China Daily)
PHNOM PENH, Jan. 21 (Xinhua) -- A 47-kilogram head of the Harihara statue, a deity that combines aspects of the Vishnu and Shiva gods, was reattached to its life-sized body and exhibited to the public at the National Museum in Phnom Penh on Thursday.
France's Guimet Museum returned the head of the statue that was taken from a Cambodian temple 130 years ago to Cambodia on Tuesday.
"The head and the body of the statue had been separated for 130 years. Today, it is a historical milestone that they are reunited Cheap New Balance 574 Shoes ,"said Cambodian Deputy Prime Minister and Cabinet Minister Sok An on Thursday.
Pierre Baptiste, a representative from the Guimet Museum, said the head of the statue was taken from Cambodia and shipped to France between 1882 and 1883.
The full statue could also be taken for display in France in the future.
Numerous Cambodian artifacts had been stolen and illegally trafficked out of Cambodia during the 1970s when the country fell into civil war.
In the past three years, auction houses and museums in the United States had returned six looted ancient statues to Cambodia, while Thailand returned 16 smuggled ancient treasures to the country.
Also, in October last year Cheap New Balance 574 , a Norwegian private collector returned two Khmer artifacts--the 9th century "Head of Shiva God" and the 12th century "Head of Male Divinity"to Cambodia.
A pack of dogs take part in a race during the international dog racing competition in Vilnius, Lithuania, Nov. 5, 2017. An international dog racing competition is held in Lithuania's capital of Vilnius from Nov. 4 to 5. (XinhuaAlfredas Pliadis) A pack of dogs take part in a race during the international dog racing comp. Wholesale Hats Wholesale Adidas NHL Jerseys Wholesale Collge Hoodie Wholesale Nike NBA Hats Wholesale Baseball Jerseys Wholesale Adidas NHL Jerseys Wholesale Football T-Shirts Wholesale MLB T-Shirts Cheap Nike NBA Hoodie Cheap Soccer Jerseys China