Beijing Summit | Chinafrica - China Africa trade, China investment in Africa

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China Looking Forward To the November China Africa Conference

Mardi, août 11th, 2009

The 4th conference at the ministerial echelon of FOCAC or Forum on China Africa will be held in November 2009. China is looking forward to this conference so as to strengthen its presence in Africa. According to the Ambassador of China to Egypt, Wu Chunhua, China will be able to further expand its already existing presence in Africa. The 4th conference will be held in Sharm el-Sheikh, which is an Egyptian Sea Resort.

The conference is going to look at the last Beijing summit of Forum of China Africa in 2006 and evaluate what has been achieved till so far. The officials will draft a sketch for the coming 3 years. This was told by the Wu Chunhua. He added that Africa is a promising continent that has immense potential. A lot can be achieved by the trade relations. Any mutual ties between the two nations will bring positive results to both the countries.

The economists worldwide and the political spectators are establishing the fact that the continuous efforts of China in developing the industry and the infrastructure are finally giving positive results.

According to an African economist, China is making fantastic proposals and actually adding to the benefit of the entire continent and its people. It just doesn’t shed its money and look at the situation. China works a lot on the investments it makes. There are regular follow-ups and plans.

FOCAC was made after a proposal of over 40 countries of Africa and China in the year 2000. There are three levels in FOCAC. These comprise of the ministers discussion at the first level, followed by talks between the senior officials in the next level and then talks are held between the African and Chinese delegation to the respective countries.

China’s bilateral trade with Africa has been on a rise. In 1956 it was at a mere $12 million, but in 2007 it shot up to $736 billion. This made China the 3rd largest partner of trade with Africa. According to a forecast trade will become more than $10 billion by the year 2010. In 2007 a $9 billion financial package was signed between China and Congo. Later that year ICBC which China’s largest bank, bought 20% stake in Standard Bank. The value stood at $5.5 billion.

Source : Manufacturers Africa

Tags: Africa, Beijing Summit, conference, Egypt
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Egypt And China Prepare For FOCAC Inter-Ministerial Summit

Samedi, mai 9th, 2009

The Chinese foreign minister Yang Jiechi met the Egyptian coordinators of the Forum for China Africa Cooperation Affairs (FOCAC), Ambassadors Ibrahim Ali Hassan and Mahmoud Ahmed Abdel El Gawad, on May 6^th 2009.The two sides discussed the growing, profound friendship between Egypt and China as they prepared for the fourth ministerial meeting of the FOCAC. The year 2009 is significant as it is the final year of the period of implementation of the eight measures announced by the Chinese President Hi Jintao at the Beijing Summit, for promoting economic cooperation with Africa. The meeting, scheduled for later this year, will assess the success of the implementation of the steps listed at the Beijing Summit in 2006. The meeting will be co-hosted by China and Egypt.

FOCAC is a platform that has been established by a set of African countries with China for consultation and knowledge sharing, to develop a cooperation mechanism between developing nations. This forms part of the South-South cooperation endeavors. Besides political initiatives, it reiterates the need for mutually beneficial trade and economic cooperation that would lead to higher developmental levels in both Africa and China.

Till now, three FOCAC inter-ministerial Summits have taken place, the first in Beijing in the year 2000, the second in Addis Ababa, Ethiopia in 2003, and the third again in Beijing in 2006. The fourth one is being held in Egypt later this year. Attended by representatives from 48 African countries and senior Chinese officials, each of the meetings have delineated steps taken by China and Africa to strengthen Sino-African friendship. The two sides have been receiving information and details about business opportunities and the needs and requirement s of each. China has pitched in with investments and technical expertise wherever these African nations have felt the need and Africa in turn, has assisted China with raw materials, minerals and opened its mining sector for China.

However, this has not been a haphazard process but a detailed, meticulously planned cooperation initiative and in the 9 years since its inception FOCAC has kept track of the successes in each country.

Source : China Africa

Tags: Beijing Summit, China, Egypt, FOCAC, Ministerial summit
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Africa and China – Partners in Progress

Jeudi, février 26th, 2009

China and Africa are helping each other grow and reach higher levels of economic development. Africa has much to learn from Chinese development and China benefits from the vast natural wealth of Africa, and the size of its market for cheaper Chinese goods. The three-pronged Chinese strategy towards Africa is to provide “all-round cooperation, unwavering assistance and commitment to promises”. China has constantly reiterated its stand that it has a long-term commitment to Africa’s development, and it will remain consistent despite the economic downturn. The China-Africa trade has grown at an average of 30% per annum during the last decade.

Two Chinese experts on African studies, Xu Weizhong of the China Institutes of Contemporary International Relations, and He Wenping of the Institute of west Asian and African Studies under the Chinese Academy of Social Sciences, are convinced that Africa is losing crucial foreign exchange earnings due to the global decline in raw material prices, and has lost its previously high demand levels from European nations. Trade expansion between China and Africa would balance out these losses.

The China-Africa Development Fund launched after the Beijing Summit has already invested in 20 African projects. China had also trained 11000 African professionals by the end of 2008, and is in the process of sending 100 agricultural experts at senior levels, to Africa to assist in agricultural development.

China insists that its interest in Africa is not confined to energy sources. Proof of this lies in the President Hu Jintao’s four-nation trip to Africa included those countries, which are not well known for their natural resources. China has invested billions in African countries in development of industry and infrastructure and some if not all; benefit reaches the local populace, who begin to find an elevated economic status coming their way. The largest private equity fund of China has an Africa focus, and will doubtlessly benefit the target countries.

Relations between China and Africa have been more than a century old. They have only strengthened and deepened since the Beijing Summit and the whole world acknowledges the economic transformation of Africa ever since China stepped in.

Source : China Africa

Tags: Africa, agricultural, Beijing Summit, China
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China Looking Forward To the November China Africa Conference

Egypt And China Prepare For FOCAC Inter-Ministerial Summit

Africa and China – Partners in Progress