Foton and CAFIC Signing Memorandum of Strategic Cooperation
On 14 November, 2017, Foton and CAFIC signed Memorandum of Strategic Cooperation on Performing Investment Project Cooperation in Africa.
Deputy president of Foton Motor Group, general manager of Foton International Chang Rui and general manager of CAFIC Zhang Zujun signed the Memorandum of Strategic Cooperation, with general manager of Foton Motor Group Gong Yueqiong and president of CAFIC Han Hongmei witnessing its signature. The both sides made a positive response to the initiative proposed by president Xi Jinping on the Forum on China-Africa Cooperation Johannesburg Summit: in the coming three years, Chinese side, along with African side, will focus on implementing “10 major cooperation plans”, advance and implement China-Africa production capacity cooperation, implement “the Belt and Road” Initiative and the development strategy of China-Africa production capacity cooperation, give full play to the advantages of the both sides, perform project investment cooperation, jointly boost the combination between industry and finance, help China automobile expand African market, promote Africa’s local economic development and the people’s living standard, and boost China-Africa industrial connection and production capacity cooperation.
Foton and CAFIC signing Strategic Cooperation Agreement
General manager of Foton Motor Group Gong Yueqiong said: “CAFIC, as a national strategic fund, has participated in many domestic major investment projects, and has been committed to boosting China-Africa cooperation, improving African people’s livelihood, boosting China-Africa economic development, and has rich experience in overseas market expansion. Foton Motor Group, as a self-owned brand enterprise, advances cooperate sustainable development with the business policy of “Innovation Drive, Structural Adjustment, Globalization”. Globalization strategy is a part of important contents of “Foton Motor 2020” strategy. In recent years, Foton has increased localized investment to expand the layout of overseas market. The deep cooperation of CAFIC and Foton will boost Foton to expand African market, serve localized economic development, and exhibit good image of “Made in China”.
President of CAFIC Han Hongmei said: “Foton is the backbone force of self-owned brand and independent innovation of China automobile industry, a leader in exploring strategic layout, industrial insight and business mode, as well as an active practitioner of “the Belt and Road” Initiative. The deep cooperation of CAFIC and Foton is the requirement of era development, as well as the requirement of opportunity period of production capacity transfer. CAFIC will give play to its own advantages to cooperate extensively with substantial economies to develop African market through the combination between industry and finance.
Group photo of leaders of CAFIC and Foton
Leaders of CAFIC visiting Foton’s full range of exhibition vehicles
Through such cooperation, Foton will give play to the advantages in operation and management of automobile industry to perform project connection with CAFIC, make the best of complementary resource advantages of the both sides, actively perform deep cooperation with African countries and regions in automobile industry chain, such as automobile trade, supply chain finance, automobile production and assembling, construction of distribution network, construction of repair and maintenance center, financial leasing, etc., and explore up-to-date business model. In cooperation with CAFIC, in response to the requirements of era development, during the opportunity period of production capacity transfer, facilitate the combination between industry and finance, boost upgrading of industrial structure of African countries and regions, provide Africa with such opportunities as tax revenue, employment, etc., enhance Africa’s economic development and the people’s living standard, create good image of “Made in China”, and boost upgrading of production capacity of China-Africa automobile industry.
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