China To Increase Investment In Africa - The Harvey Global Post

China To Increase Investment In Africa


China said on Thursday it will increase investment in Africa and buy more non-resource products from the continent.
Vice Minister of Commerce, Qian Keming said China will export advanced industrial production capacity to African countries.

“China will diversify imports from the continent and buy more products in addition to primary commodities, particularly natural resources, which account for the bulk of China-Africa trade‘’, Keming said.
He said China had deliberated for a year on the package of cooperation proposals that it had announced it would unveil at the Johannesburg meeting of the Forum on China-Africa Cooperation (FOCAC) in December.

The package, according to Keming, is based around China helping African countries upgrade industrial structure, safeguard food security and build infrastructure.

The Johannesburg FOCAC summit would be a milestone in China-Africa ties and trade cooperation, the Vice Minister said.

“At the summit, Chinese companies will exhibit their competence in railway, aviation, electricity, telecom, machinery and smart manufacturing.

“To finance bilateral cooperation, China will set up funds and give African countries more low-interest bank loans‘’, Keming added.

China has provided African countries with loans worth over 20 billion dollars since 2012 to support infrastructure, investment, small and medium-sized enterprises, agriculture and manufacturing.

China also rolled out about 900 assistance programs in Africa covering agriculture, health, education and other fields and offered training to over 30,000 local people since 2012, he said. (Xinhua/NAN)

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