Boost for Chi­nese in­vest­ment in Africa as MoU signed

The Star Early Edition - - BUSINESS REPORT -

AFRICAN and Chi­nese law firms signed a mem­o­ran­dum of un­der­stand­ing (MoU) on Fri­day that aims to boost Chi­nese investments in Africa.

The MoU be­tween Lex Africa and the Global Chi­nese Speak­ing Lawyers’ As­so­ci­a­tion aims to im­prove the confidence of Chi­nese en­trepreneurs op­er­at­ing in Africa.

Lex Africa founder mem­ber Fred Oji­ambo said Chi­nese firms have be­gun to recog­nise the im­por­tance of seek­ing le­gal as­sis­tance while do­ing busi­ness in Africa.

“Un­der the deal, the Chi­nese busi­ness com­mu­nity can seek le­gal ad­vice from Lex Africa part­ner lawyers who are sit­u­ated in 20 African coun­tries,” Oji­ambo said dur­ing a trade and in­vest­ment fo­rum or­gan­ised by the Kenya In­vest­ment Au­thor­ity and China’s Shen­zhen City.

The deal runs for an ini­tial pe­riod of seven years, with a pos­si­bil­ity of re­newal de­pend­ing on the out­comes. It is ex­pected to give Chi­nese firms ad­di­tional com­fort. Oji­ambo said Chi­nese firms are in­creas­ingly at­tracted to Africa be­cause of the nu­mer­ous busi­ness op­por­tu­ni­ties present in the con­ti­nent.

Africa has di­verse le­gal sys­tems as African coun­tries in­her­ited dif­fer­ent Euro­pean le­gal sys­tems. The deal is also said to ex­pand op­por­tu­ni­ties for African lawyers.

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