A cooperation agreement on the Ghanaian Africa World Airlines (AWA), a joint venture co-financed by HNA Group, China-Africa Development Fund, Ghana Social Security and National Insurance Trust, Ghana Strategic African Securities, was signed at the Fourth Conference of Chinese and African Entrepreneurs of the Forum on China-Africa Cooperation (FOCAC) on July 19, 2012.
The Ghanaian AWA program is not only the first practical investment made by HNA Group in Africa, but also the first aviation investment made by a Chinese enterprise in Africa. It is an exact embodiment of answering the national call and implementing the China civil aviation’s African strategy and is in accordance with the China’s African strategy of encouraging and supporting Chinese enterprises to invest there. It has, in fact, made China’s investments in Africa transform from traditional mineral exploration and project contracting into aviation servicing sector.
According to introductions from HNA and China-Africa Development Fund, the aviation market in Ghana and Western Africa awaits being explored and developed. The road transport system there is still underdeveloped, meaning that there is a large space of demanding for the aviation market. Meanwhile, the move also attracts the attention and support from China-Africa Development Fund. This investment has integrated domestic as well local African resources effectively. The strategic layout in Africa this time conforms to the internationalization development and investment strategy of HNA Group and provides a decent platform for HNA Group to make further investments and extend its businesses in Africa.
Meanwhile, the investment also facilitates further integration and optimizing of HNA Group’s overseas aviation business. By operating on a large scale to bring down operating cost, HNA Group will be able to strengthen its international competitiveness and influence and deepen China-Africa friendship.