Citing inefficiency as the major impediment to business success in Africa, Li Jinyuan, one of the richest men from mainland China, and president of the Tiens Group, said the continent needs to get its act together if it wants to go forward.
Li Jinyuan sees a lot of potential in Africa, but lists several things it needs to correct in order to make it easier, safer and more productive to do business there.
“First of all there needs to be improvements in security. Visa applications and work permits also need to be made easier so that more Chinese people can come here to invest," he said.
“We need to have a win-win situation between China and Africa. Efficiency is a challenge in the 21st century. When we go to other countries [outside Africa], we have good levels of efficiency, but in African countries we meet a lot of delays.”
Most businesses look to South Africa as the country of preference to start business with on the continent, as it's the most developed as well as in "full [regulatory] compliance,” added Li.
He's following that path as well, launching one of his new businesses in the country, The Banner Store, which sells health and nutrition products.
The first store is opening in Randburg, Johannesburg, and Li will open another in Kenya next month.
Li also said that Africa needs to change its trade policies in order to better serve foreign investment.
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