BIZCHINA / China & Globalization

Premier's Africa tour boosts investment
(Xinhua)
Updated: 2006-06-20 13:59

Chinese Premier Wen Jiabao's seven-nation Africa tour is rousing enthusiasm for greater investment between China and the continent.

Chu Shuntang, a division director of the China-Africa Business Council, told Xinhua on Monday that Wen and his delegation of business representatives would increase trade exchanges and attract more Chinese investment to Africa.

Wen's visit to Egypt, Ghana, the Republic of Congo, Angola, South Africa, Tanzania and Uganda this week is regarded as an important diplomatic follow-up to the Chinese government's first African Policy Paper issued early this year and President Hu Jintao's visit in April.

Economists believe the "Africa heat" in China's diplomacy has been expanded to the economic field. Direct investment into Africa has grown to 1.18 billion U.S. dollars, and there are now nearly 700 Chinese companies there.

Private investment is also growing between China and Africa. Mahamat Adam, a Cameroon businessman who has worked in Beijing for more than seven years, is helping Chinese companies do business in Africa.

Adam and his Africaccess Consulting Company have introduced many African investment projects to Chinese investors. He said new processing factories in Africa are a good choice for Chinese investors since many African countries have issued favorable investment policies.

The Chinese government said in its first African policy paper that it would support investment in Africa by offering favorable loans and credits, while welcoming African companies to invest in China.


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