China will fur­ther boost eco­nomic ties with Africa

The Pak Banker - - International -

BEI­JING: China will boost fur­ther its al­ready ex­pand­ing eco­nomic ties with Africa, which reached a record twoway vol­ume of more than $100 bil­lion this year, the govern­ment said Thurs­day.

Chi­nese de­mand for oil, gas, iron ore and other raw ma­te­ri­als for its rapidly grow­ing econ­omy has spurred trade and in­vest­ments in Africa in re­cent years. A cen­tral govern­ment re­port re­leased Thurs­day said that in the first 11 months of this year, China-Africa trade vol­ume reached $114.81 bil­lion, a 43.5 per­cent year-on-year in­crease. That fol­lows a de­cline in 2009 due to the global fi­nan­cial cri­sis. That growth is likely to gain trac­tion in the com­ing years as the "eco­nomic and trade co­op­er­a­tion is bright" be­tween the two sides, said the "China-Africa Eco­nomic and Trade Co­op­er­a­tion" re­port.

"As eco­nomic glob­al­iza­tion pro­gresses, the eco­nomic and trade co­op­er­a­tion be­tween China and Africa will def­i­nitely gain mo­men­tum to reach a larger scale, broader scope and higher level," it said. Bei­jing is en­cour­ag­ing Chi­nese com­pa­nies, flush with cash from the coun­try's eco­nomic boom, to in­vest in Africa in an ef­fort to di­ver­sify an econ­omy driven by ex­ports and in­vest­ment. China's in­vest­ment in Africa has largely tar­geted oil, gas and min­ing but is ex­pand­ing to man­u­fac­tur­ing, real es­tate, in­fra­struc­ture and other sec­tors. -Ap

Newspapers in English

Newspapers from Pakistan

© PressReader. All rights reserved.