One of China’s wealthiest business people will lead a consortium of Chinese private sector companies to invest in Africa, particularly in Angola, Hong Kong newspaper the South China Morning Post reported this week.

The remarks were made by Zong Qinghou, chairman of beverage maker Hangzhou Wahaha Group, at a panel discussion during the National People’s Congress (NPC). According to U.S.-based Forbes magazine, Mr Zong’s net worth is estimated at the equivalent of US$6.2 billion.

“I’ve met the Angolan President and several ministers and they cordially invited Zhejiang companies to invest there,” Mr Zong was quoted by the SCMP as saying, and referring to his group’s home province in China.

“It’s time to look at the continent because they need us to boost their industrialisation and we could get their resources,” he stated.

“My plan is to form a big group of private businesses to offer the countries whatever help they need from us in their industrialisation process,” he noted. The businessman added that natural gas reserves, copper and diamond mines and arable land in Angola were attractive to Chinese investors.

China’s Minister of Foreign Affairs, Wang Yi, who was also at the NPC panel discussion, said the Chinese Government would support private sector firms in their exploration of African markets.