Tonkolili, 27 May 2022 (TDI): According to Wu Peng, the Director-General of Chinese MFA’s Department of African Affairs, Chinese company Leone Rock launched a development fund in Tonkolili, Sierra Leone. The company plans to put 1% of its annual revenue into the fund to support development in the local community.
Chinese company Leone Rock in #SierraLeone🇸🇱launched a development fund to support local communities, putting 1% annual revenue into the fund.
President Bio highly appreciated this action.
— 吴鹏 Wu Peng (@WuPeng_MFAChina) May 26, 2022
President Julius Maada Bio of Sierra Leone spoke highly of Leone Rock’s action. Moreover, Leone Rock’s contribution to local communities is also a typical practice under the umbrella of the “100 Companies in 1000 Villages” initiative launched by Chinese stakeholders.
“100 Companies in 1000 Villages”, Sino-African Cooperation on A Micro Level
The “100 Companies in 1000 Villages” initiative is a flagship project highly emphasized by Chinese President Xi Jinping in the Eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) in December 2021. The Alliance of Chinese Companies in Africa for Corporate Social Responsibilities practically launched the Initiative. Moreover, besides being a star in FOCAC, the initiative is also a significant part of Sino-African cooperation in poverty reduction.
Compared with macro policies, the “100 Companies in 1000 Villages” initiative has its unique advantage on a more micro level. By implementing specific projects, Chinese companies in Africa can have more chances to build mutual understanding with the local public. Therefore, such a practical platform will benefit the development of African communities and contribute to the companies’ reputation in local places.
Furthermore, with more cooperation and people-to-people exchange on a micro level, Sino-African cooperation will become more popular among the public and flourish in civil collaboration.
China-Africa Corporate Social Responsibility
Many Chinese and African chambers and institutions are working on promoting Corporate Social Responsibility (CSR) in Sino-African cooperation. For instance, China-Africa Business Council (CABC) is a typical example. CBAC has more than 1900 member enterprises covering business in 51 African countries, investing in 45 African nations, employing more than 110,000 local workers, and creating more than 1.6 million jobs in Africa.
According to CABC, CSR includes four main components. They are environmental CSR, community-based CSR, HR-based CSR, and philanthropy-based CSR. China and African corporations have uncountable opportunities to bloom in cooperation in the above CSR fields. In addition, from the perspective of the implementation CSR projects, CABC also offered stakeholders a piece of insightful advice. The advice suggests Chinese companies to coordinate policies from both China and local African countries. Meanwhile, Chinese companies should also work on lobbying African local governments for more assistance. Thus, the integration of different kinds of resources can maximize benefits for not only companies but also local communities.