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Wankai New Materials Co Ltd, a leading producer of bottle-grade polyethylene terephthalate (PET) based in Haining, a county-level city of Jiaxing, Zhejiang province, has expanded its business presence in Africa, recognizing the continent's vast market potential.

As a prominent Chinese manufacturer of PET, Wankai began exporting its products to Africa in 2011. Over the past decade, the company has established stable trade connections with countries such as Tanzania, Nigeria and Kenya. In the first eight months of this year, Wankai exported 150,000 metric tons of PET chips to African nations, generating sales of around 1 billion yuan ($140 million).

"With the continuous advancement of the Belt and Road Initiative, Africa, a vast market with a population of 1.4 billion, has become a driver for global economic growth. Our company's exports to Africa have grown by over 100 percent year-on-year, reflecting the enduring confidence we have in the region's long-term growth potential," said Chen Canzhong, Wankai's deputy general manager.

"Building on our decade-long stable partnerships with 13 African countries, we commenced construction of a production facility in Nigeria, the most populous country in Africa, at the end of last year. Work on this plant, with an annual capacity of 300,000 tons of PET chips, is rapidly progressing, and we're aiming for operational readiness by the end of 2025," Chen added.

Major clients of Wankai New Materials Co Ltd. [Photo/tidenews.com.cn]