China pledges $50bn for Africa’s in­dus­tri­al­i­sa­tion

Lesotho Times - - Business -

JO­HAN­NES­BURG — De­spite its slow­ing eco­nomic growth, China will in­vest $50bn to­wards in­dus­tri­al­i­sa­tion projects in African coun­tries.

In­dus­tri­al­i­sa­tion is closely linked to in­fras­truc­ture de­vel­op­ment and job cre­ation.

Chi­nese com­merce vice-min­is­ter Zhang Xiangchen re­cently paid a cour­tesy visit to Depart­ment of Trade and Industry di­rec­tor-gen­eral Li­onel Oc­to­ber.

“China will also in­crease in­vest­ments in Africa, es­pe­cially in the spe­cial eco­nomic zones, and pro­vide train­ing in those sec­tors,” Mr Xiangchen said.

“China-africa in­dus­tri­al­i­sa­tion partnerships will be at the fore­front of any de­vel­op­ment in the con­ti­nent fol­lowed by agri­cul­tural ac­tiv­i­ties. China will also in­crease in­vest­ments in Africa es­pe­cially in the Spe­cial Eco­nomic Zones and pro­vide train­ing in those sec­tors.”

The Chi­nese gov­ern­ment would also pro­vide 50 tech­ni­cal ex­perts who are ex­pe­ri­enced in “build­ing and up­grad­ing of in­dus­trial parks, build­ing of new power plants, 40 000 train­ing op­por­tu­ni­ties in dif­fer­ent sec­tors”.

In ad­di­tion, 200 000 in­dus­trial man­agers would be de­ployed to “train and de­velop lo­cal in­dus­trial man­agers”.

Chi­nese eco­nomic growth slowed to a six-year low of 6.9% in the third quar­ter. Slow growth in China, a key ex­port mar­ket for lo­cal com­modi­ties, has sparked con­cern that SA’S own eco­nomic growth will suf­fer.

Mr Xiangchen’s visit also fo­cused on the up­com­ing Fo­rum on China-africa Co-op­er­a­tion (Focac) to be hosted in Jo­han­nes­burg on De­cem­ber 4-5.

The world’s sec­ond-big­gest econ­omy would lend tech­ni­cal sup­port for in­dus­tri­al­i­sa­tion projects in African coun­tries such as the con­struc­tion of new power plants, the vice-min­is­ter said.

Al­though the African con­ti­nent re­mained un­der­de­vel­oped, sum­mits such as Focac could bring about progress in in­dus­tri­al­i­sa­tion, Mr Oc­to­ber said. — APN

CHINA has pledged to dis­patch 200 000 in­dus­trial man­agers to pro­vide train­ing in Africa.

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