Premier's Africa tour boosts investment
(Xinhua)
Updated: 2006-06-20 13:59 Chu said the China-Africa Business Council is planning to set up branch
agencies in many African countries, including Nigeria, Ghana, Tanzania, Cameroon
and Kenya, to serve Chinese investors.
China's largest African trade partner, South Africa, also expressed
enthusiasm in welcoming Chinese investors. South African Deputy Foreign Minister
Aziz Pahad said last week that China's investment was welcomed in South Africa
not only in the traditional mining and manufacturing fields, but also in energy,
finance, biotechnology, agricultural products processing and tourism.
In the first four months this year, trade volume between China and South
Africa increased 22.7 percent year-on-year to 2.61 billion U.S.dollars, with the
annual total predicted to hit 8 billion dollars.
By the end of 2005, more than 100 Chinese companies had invested about 250
million dollars in trade, agriculture, textiles, electronics, mining, transport
and other fields in South Africa.
Wen outlined China's policy towards Africa in Egypt on Sunday, saying the
government wanted to encourage more domestic companies to invest in Africa to
raise the continent's capacity for self development.
A report from Organization for Economic Cooperation and Development has
stated that Chinese products posed no threat to African producers as the low
prices increased the purchasing power African residents.
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