Boost for Chinese investment in Africa as MoU signed
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.