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Fourth Investing in Africa Forum yields agreements worth $1.371 billion

(People's Daily Online)    15:46, September 07, 2018

The 4th Investing in Africa Forum opens in Changsha, capital of central-south China’s Hunan province, Sept. 6, 2018. (Photo/Chinanews.com)

The cooperation agreements signing ceremony of the Fourth Investing in Africa Forum was held on Sept. 6, 2018 in Changsha, capital of central-south China’s Hunan province. 16 projects worth $1.371 billion were agreed upon, in fields including agriculture, industry, energy, industrial park construction and health, Chinanews.com reported.

A memorandum of understanding on enhancing bilateral cooperation in the field of health was signed by China’s Ministry of Finance, China’s National Health Commission and the World Bank during the ceremony.

President of the Republic of the Congo Denis Sassou Nguesso speaks at the 4th Investing in Africa Forum. (Photo/Chinanews.com)

The China-Africa Development Fund and the United Nations Office for South-South Cooperation also signed a cooperation agreement on promoting Africa’s agriculture development and poverty reduction strategy.

Additionally, China Development Bank has also signed a number of agreements on cooperation projects with relevant African countries and companies.

Hunan province, as the host of the forum, has gained a remarkable amount from the discussion. The provincial government signed a memorandum of cooperation to promote Hunan enterprises’ investment strategies in Africa with China Development Bank.

Meanwhile, enterprises based in Hunan such as Zoomlion Heavy Industry Science & Technology Co., Ltd. and Broad Broad Homes Industrial International Co., Ltd. have also signed a series of cooperation projects with relevant African organizations and enterprises, with the plans said to be worth $700 million based on cooperation intention.

The forum will effectively facilitate exchanges between China and Africa in investment and trade, as well as promote cooperation and interaction between governments and people, expressed President of Sierra Leone, Julius Maada Bio, in his opening speech. He went on to add that Sierra Leone will forge a favorable environment for foreign investment and stay open to investment in infrastructure, agriculture, marine resources exploration, and tourism.

“Africa has become an important continent for Hunan province regarding overseas investment and cooperation,” said Du Jiahao, Secretary of the CPC Hunan Provincial Committee and chairman of the Standing Committee of the Hunan Provincial People's Congress in the opening ceremony of the forum.

According to Du, Hunan has held significant events on economic and trade cooperation with Africa for three years in a row, implementing a variety of educational and medical assistance projects, and helping to introduce hybrid rice and construction machinery to Africa.

The People’s Government of Hunan Province signs the memorandum of cooperation on promoting Hunan enterprises’ investment strategies in Africa with China Development Bank. (Photo/Chinanews.com)

In 2017, the province invested $2.07 billion in Africa, while from January to July this year, the volume of imports and exports between Hunan province and Africa increased by 49.5 percent compared with the previous year, said Du.

Du noted that Hunan will earnestly put the ideas developed during the 2018 Beijing Summit of the Forum on China-Africa Cooperation into practice by combining advantages of the province with the natural endowments of Africa, deepening investment and cooperation with Africa to seek a brighter common future.

(For the latest China news, Please follow People's Daily on Twitter and Facebook)(Web editor: Hongyu, Bianji)

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