Representatives of Lee Group and the Qingdao FTZ shake hands during a meeting on Oct 9. [Photo/WeChat ID: qingdaozimao]
Lee Sheau-Fung, chairman of the board of directors of Lee Group, visited the Qingdao Area of the China (Shandong) Pilot Free Trade Zone (Qingdao FTZ), on Oct 9 to discuss cooperation opportunities.
Guo Baocun, deputy director of the management committee of the Qingdao FTZ, said he hopes to see deeper cooperation between the zone and Lee Group, which is one of the largest Chinese enterprises in Africa.
The two sides also explored China-Africa trade cooperation and commodity digitalization.
During the meeting, the signing ceremony between the two sides regarding the establishment of Lee Group's trade headquarters in the Qingdao FTZ was held.
Lee then acknowledged the significant achievements of the Qingdao FTZ and announced that Lee Group will establish its China trade headquarters in Qingdao. He emphasized leveraging the policy and industrial advantages of the FTZ to expand the group's presence in Qingdao.
Headquartered in Hong Kong, Lee Group operates 179 factories in China, Africa, and other locations. It has been a prominent player in Africa for over 60 years. Its core business is focused on the Nigerian market.
The company's sales network covers over 20 African countries and employs over 26,000 people. Lee Group manufactures a wide range of daily necessities, including footwear, plastic bags, steel, cement, food, leather, beauty products, business data broadband services, and enamel products.
The group also has a subsidiary registered in Qingdao FTZ that has a capital of $20 million. The company functions as Lee Group's domestic trade headquarters and is primarily involved in agricultural and mineral imports as well as the procurement and export of raw materials, machinery and vehicles to Africa.
China (Shandong) Pilot Free Trade Zone Qingdao Area
