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Sierra Leone News: We have invested more than any other country -Shen Xiaokai

Economic Counselor Shen Xiaokai

Economic Counselor Shen Xiaokai

China and Sierra Leone will celebrate 45 years of friendly relationship Friday 29th July, and the Economic Counselor of the Chinese Embassy said they have invested more than any other country to make Sierra Leone a better place.
He said Sierra Leone needs more of Foreign Direct Investment (FDI) rather than aid, because with FDI there will be more jobs and the economy will grow at a faster rate.
“As both countries celebrate 45 years of friendly relations, China is the highest investor in Sierra Leone since 1981 with $2.3 billion. Shandong Steel has invested $1.5 billion. China Railway Seventh Group (CRSG) too have invested $153 million in the Wellington-Masiaka Road, which will link the city to the provinces on a wider road of double carriage, and when the Mamamah Airport would have bee constructed, this road will serve its purpose very well.
Mr Shen Xiaokai also said another big investment that has been approved and will soon kick off will be the expansion of the Queen Elizabeth II Quay and the company TIDFORE will invest $700 million in this project to extend the port and make it more advanced wirth modern technologies.
The Economic Counselor averred that the investment has also taken China into fishing with eight Chinese funded companies fishing in the country with 73 Trawler boats accounting for 75% of the fishing vessels in the country.
“These fishing companies have contributed immensely to food production in the country as well as employment, both direct and indirect job creation that accounts for about 30,000 jobs.
Mr Shen said there are many more FDIs that are in the pipe line that when actualised will continue to help improve the economy and create many more jobs for the people.
“Currently, there are ongoing talks on Agriculture, the Fly Over at Spur Road – Juba, the 50 megawatts and 100 megawatts electricity to be developed by China Power, the Rokel Water Project and other investment in housing and so on.”
The Economic Counselor stressed that in 2010, President Xi Jinping launched the ‘Chinese Dream’, which he said is similar to the Agenda for Prosperity. “Both of these plans are to make the people live a better life, with good health and education, availability of houses and reduce poverty drastically.”
He said Sierra Leone is economically fragile and the country needs economic assistance, but not aid that comes with conditions, but investment that create employment and service to the nation.
Mr Shen averred that Sierra Leone is a blessed country with helpful and friendly people. So he said China will do all it can to help develop the country by making sure more investment from China is brought to Sierra Leone.
Wednesday July 27, 2016

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