BIZCHINA / Weekly Roundup
Contracts inked worth US$1.9b
By Xing Zhigang (China Daily)
Updated: 2006-11-06 09:16
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.
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