Hunan will give a highest reward of 5 million yuan to the enterprises that are involved in the construction of industrial chains of high-quality African products and expand their trade with Africa, according to the “Notice on the Utilization and Management of Promotional Funds for the Construction of China-Africa Economic and Trade In-depth Cooperation Pilot Zone in 2022” jointly issued by Hunan Provincial Department of Commerce and Hunan Provincial Department of Finance.
The funds will promote the construction of the pilot zone from 8 aspects.
Efforts will be made to support the construction of industrial chains of high-quality African products. For newly settled enterprises that engage in African products’ production and processing with an import volume from Africa exceeding US $5 million (inclusive) in 2021, they will enjoy a reward that amounts to 1% of the paid-in funds for project construction, with a maximum one-time reward of 2 million yuan for an enterprise.
Furthermore, efforts will be made to encourage expanding trade with Africa. Enterprises whose import turnovers exceeded US $1 million (inclusive) and increased by more than 15% in 2021 will be rewarded according to the standard of no more than 5 cents of RMB/USD, with a maximum annual reward of 5 million yuan for one enterprise.
Measures will be taken to encourage establishing business headquarters for the African market. For the world's top 500, China's top 500, private top 500 enterprises that set up their business headquarters for the African market in 2022, one enterprise will receive a one-time reward up to 3 million yuan.
Moreover, measures will be adopted to support trial orders for trade settlement in local currencies in Africa. Platform enterprises that carry out trial orders for trade settlement in local currencies will be rewarded at a rate of no more than 6 cents RMB/USD, with a maximum annual reward of 5 million yuan for one enterprise.
The funds will mainly go to Changsha, Xiangtan, Yueyang and Shaoyang.