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Sino-Africa cooperation ought to be further developed amid uncertain global economy: minister

(Xinhua)

11:32, September 09, 2011

XIAMEN, Sept. 8 (Xinhua) -- China and Africa need to cooperate with each other and promote common development amid the uncertainty of the world's economic recovery, China's Minister of Commerce Chen Deming said Thursday.

Confronting the complex economic situations of sovereign debt crisis, inflationary pressures and food security problems, nations around the world, especially developing countries, should join to seize opportunities to deal with the challenge and reduce the influence of the potential economic crisis, said Chen at the High-Level Symposium on China-Africa Investment and Cooperation in the southeastern coastal city of Xiamen.

"Sino-Africa cooperation is win-win and transparent," he said.

By the end of 2010, China had invested around 40 billion U.S. dollars with direct investment of about 13 billion U.S. dollars in more than 2,000 enterprises from 50 African countries covering various sectors such as agriculture, manufacturing, mining and finance, Chen said.

The direct investment of Chinese enterprises in Africa amounted to 2.1 billion U.S. dollars in 2010, an increase of 46.8 percent over the previous year, according to the statistics from the Ministry of Commerce.

China has already helped African countries cultivate a total of more than 30,000 talented people in diverse areas since the 1980s.

China has become the largest trade partner of Africa while Africa is the fourth largest overseas investment destination, according to Chen.

"As for some Western countries' remarks that liken China's presence in Africa as 'new colonialism,' it is groundless and unacknowledged," Chen said.

The symposium, a sideline event at the 15th China International Fair for Investment and Trade (CIFIT) that opened Wednesday, brings together African ministers, private investors, investment projects, finance institutions, and heads of investment promotion agencies from 37 countries.

"I am convinced the symposium will provide unique opportunities to engage in a serious dialogue aimed at creating a new frame work for collaboration between Africa and China," said Kandeh K. Yumkella, director general of the United Nations Industrial Development Organization (UNIDO), following Chen's speech.

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