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| Contracts Inked Worth US$1.9b |
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China and Africa signed 16 agreements worth US$1.9 billion yesterday as Beijing seeks to boost economic relations with the continent. The deals between 12 Chinese firms and African governments and companies were signed at the closing ceremony of the Second Conference of Chinese and African Entrepreneurs. The conference was held on the sidelines of the two-day summit attended by dozens of top African leaders. The agreements cover operations in infrastructure facilities, communications, technology and equipment, energy and resources development, finance and insurance. The African countries involved are Egypt, Ethiopia, South Africa, Nigeria, Kenya, Ghana, Zambia, Uganda, Seychelles, Lesotho and Cape Verde. Chairman Wan Jifei of the China Council for the Promotion of International Trade hailed the contracts as "a substantial result" of the conference attended by 1,500 Chinese and African businessmen. "The conference helped us enhance mutual understanding and creates opportunities for more collaboration," he said. The conference organized a "matchmaking" meeting yesterday morning for business people from both sides in 14 sectors such as energy, mining, agriculture, textiles, telecommunications and finance. At the conclusion of the two-day conference, Wan also announced the establishment of the China-Africa Joint Chamber of Commerce and Industry to push forward bilateral economic exchanges. Wan said the chamber would focus on trade, investment, technological transfer, services and industries. China's trade with Africa rose to US$39.7 billion last year, almost four times the 2000 figure. Premier Wen Jiabao on Saturday pledged to boost Sino-African trade to US$100 billion by 2010 while promising to open China's markets wider to African exports. "Since China is a great market and a great economy, Africa wants to be part of its business," said Mwaka Nakazwe, a representative of the Zambia Association and Chambers of Commerce and Industry. Noting that the influx of low-cost and good-quality Chinese goods has benefited African people, Nakazwe said Africa looks forward to more investment from China. "What we really want, and need, for our economies to grow is for Chinese firms to invest more and set up plants in our countries," she said. "That will help increase employment." By the end of last year, China's investment in Africa had amounted to US$6.27 billion. (China Daily November 6, 2006)
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