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More Chinese enterprises aiming for investment in Africa

(Xinhua)
Updated: 2008-09-09 11:17

More Chinese enterprises are investing in Africa with their technological and personnel advantages and the abundant resources in Africa, said Wang Chao, assistant minister of commerce, in Xiamen on Monday.

"In recent years, the African economy has developed rapidly. China has a huge market, rich experiences in development, and capital, technology and professionals needed by the African countries. Powerful and reputable Chinese enterprises are eager to to invest in Africa," Wang said at the African Countries Investment Seminar, one seminar of the 12th Xiamen International Fair for Investment and Trade which opened on Monday.

The annual growth rate of China-Africa bilateral trade volume remains at more than 30 percent since 2000. Mutual trade volume was $73.3 billion in 2007 and $53.1 billion in first half of this year, Wang said

"The China-Africa trade cooperation is highly complementary as Africa is a land with a huge population, rich resources and great development potentials," he said.

Chinese enterprises had actively invested in Africa countries with a direct investment up to $305 million from January to June in 2008. Besides the traditional fields such as trade and engineering, the scope of investment projects has extended to agriculture, tourism, energy and medical treatment.

"The policy and legal environment for Chinese and African enterprises to carry out investment cooperation is improving constantly," he said.

Currently, China has signed the Bilateral Improvement and Investment Protection Agreement with 29 African countries, and signed the Avoidance of Double Taxing and Tax Evasion Prevention Agreement.

Commercial Officials from more than ten Africa countries, including the Republic of South Africa, the Federal Republic of Nigeria and the Republic of Namibia, introduced the investment policies, resources and predominant industries. They showed their larger interest in export and the will to attract China's investment.

"China is a major trading partner and continues to be a major source of foreign direct investment in Ghana," said Papa Owusu-Ankomah, Minister for Trade, Industry, Private Sector Development and President's Special Initiative.

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