On Saturday, the Misrata Free Zone (MFZ) announced that China’s Wangkang Holding Group Co. Ltd. will establish its first company in Libya.
According to the statement, the company, which operates in the field of ceramics and sanitary materials, announced the establishment of the Al Sharq company as its first investment activity on Libyan soil and chose MFZ as its headquarters. Its leading ceramic brand is the Goodwill brand.
Wang Kang Group is active in several Asian, African, European, and American countries, as it owns a group of factories and companies in addition to its main activity in China and is still working to expand its investments and activities around the world.
Wangkang Group has established six companies and five large ceramic tile factories in Nigeria, Ghana, Tanzania, Uganda, Saudi Arabia, and Iraq. It reports that the African subsidiaries account for 25 percent of African ceramic tile production capacity. Its Saudi Arabia ceramic tile factory is under construction with an investment of US$ 200 million.
MFZ reported that the choice of MFZ as the headquarters of Wangkang’s first companies in Libya came due to MFZ’s advantages in terms of location, work systems, and the efforts exerted by the MFZ’s administration in providing the best possible environment for investors from all over the world.
Notably, Libya’s former Foreign Minister, Abdel-Hadi Al-Hwaij, said that China is one of the countries to have large-scale investments in many countries around the world, noting that it is the second largest investor in Africa.
In an exclusive interview with Libya Review, Al-Hwaij added that Libya and China enjoy historic friendly ties, as there is no colonial or hostile history with China.
The former top diplomat added that China is one of the countries to have the courage to revitalise several Libyan cities that have regained security and stability after the departure of armed groups and regaining control of weapons.
He believed that now, especially in the eastern region, there are many projects that the Chinese companies have already started. Although a shy start, there is a new dynamic connected to stability and security.
The former Foreign Minister pointed out that all private and public Chinese companies are welcome and all doors are open to the Chinese, Russian, American, French, Italian, Tunisian Egyptian, Algerian, and Moroccan companies.
He noted that these partnerships are welcome and necessary, as it creates new economic dynamic and abundance.
The Minister also invited Chinese companies and neighboring countries to pump further investments in eastern and southern cities that enjoy stability and security and are free of gun chaos and outlaws.