There are currently about 20,000 Chinese living in Guinea, mainly in the capitals of Conakry and Bokai. Among them, there are more than 10,000 employees of Chinese enterprises, more than 50 Chinese enterprises in Guinea, 25 companies with relatively large contracting projects, 7 mineral companies and 6 fisheries companies. Mainly engaged in engineering contracting, mining, telecommunications, iron and steel, building materials, agriculture, forestry and fisheries. At present, there are about 100 Chinese enterprises registered in Guinea.
Among them, the Chinese-funded enterprises with relatively large investment scale are: Henan International Mining Company, China Aluminum, Jiangsu Jinya Investment Group, China Power Investment Group, China Fisheries Corporation, Sichuan Derui Group Company, China Geological Engineering Group, Dalian Boyuan Ocean Fishery Company, Dalian Lianrun Distant Water Fishery Company, Dalian Shenghang Distant Water Fishery Company, Fujian Hengli Distant Water Fishery Company, Henan International Company, China Harbor Company, and Beijing Star Times Network Communication Company.
The main investment and trade projects are textiles, clothing, shoes, bags, daily necessities, small hardware, enamel supplies, mosquito coils, medicine, computers, communications, tires, small agricultural machinery, tractors, generators, building materials, etc.
The main import commodities from Guinea are mainly seafood, wood products, aluminum mineral products and so on.
Chinese currently operates in Guinea: Chinese supermarkets, hotels, restaurants, and vegetable farms.
Among them, Taiwanese businessman Zheng Jinsui has two relatively large companies in Guinea, the African Iron and Steel Development Company, which has more than 50 Chinese employees. It also owns a dense forest timber company.
In large Chinese-funded enterprises such as guinean central enterprises, construction engineers are about 20,000-30,000 yuan, and mining engineers are about 25,000-30,000 yuan. Carpenters, bricklayers, and reinforcement workers have a monthly salary of about 15,000-18,000 yuan. Guinea is hot and has a lot of African diseases, so wages are higher in Guinea than in other African countries.
In Chinese-funded enterprises Chinese wages are generally 1.5 times to 2 times higher than the same position in China.
Local businessmen in Guinea have a relatively large investment risk, pay attention to precautions, do not invest easily, and fully understand the local situation before investing. To comply with the principle of trade first and investment later, trade must be TT and LC payment to reduce risk.
China's largest investment project in Guinea is the Simandau iron ore project with an investment of up to US$15 billion, with a Chinese consortium led by Chinalco and China Baowu holding 39.95%. The total reserves of iron ore in Simandau have accumulated more than 10 billion tons.
Guinea is located in western Africa, bordering the Atlantic Ocean to the west, bordering Guinea-Bissau, Senegal, Mali, Côte d'Ivoire, Liberia and Sierra Leone. It has an area of 245,900 square kilometers, a population of 12.8 million people, the official language is French, and the capital is Conakry.
Guinea is very rich in natural resources, with the world's largest aluminum reserves, about 40 billion tons, accounting for more than 30% of the world. There are also high-quality and abundant iron ore, graphite, gold, diamonds, etc., and oil and natural gas have also been found in coastal areas. At the same time, Guinea has many rivers, abundant rainfall, known as west African water towers, abundant hydropower resources, fertile land, and inherent advantages in agriculture. With 350 kilometers of coastline, fishery resources are also relatively rich, with an annual catch of about 5 million tons, mainly shrimp, bottom fish, cephalopods and marine products, etc., and have a high forest coverage rate in Africa.
Guinea is in a poor state of security, avoiding going out at night and avoiding going to remote places, and it is recommended to travel in worship and do not carry large amounts of cash with you.
In 2021, the total value of China's exports to Guinea will be US$215838 million, and the total value of China's imports from Guinea will be US$279572. China has a trade deficit with Guinea.
According to data released by the International Monetary Fund in April 2022, Guinea's total GDP in 2021 is 12.7 billion US dollars, and Guinea's per capita GDP is 8745 US dollars, ranking third in Africa's per capita GDP.
Local ordinary workers are paid about $120/month, skilled workers about $150, and white-collar workers and engineers about $250-400.
About author:: After graduation, I worked in an import and export company of a central enterprise, and have been responsible for African projects and travel to Africa all year round. He has been stationed in Tanzania for 4 years, Uganda for 1 year, has been to more than 30 countries in Africa, is familiar with Africa, and is now retired.
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Reference: Guide to investment cooperation written by the Chinese Economic and Commercial Office in Guinea
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