Top Biz News
China-Africa trade prospects look promising
By Yan Yang (China Daily)
Updated: 2006-04-26 08:57
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Large Medium Small |
China has signed investment promotion and protection agreements with 28 different countries and set up 98 enterprises on the continent.
Xu Changwen, head of the Asian and African studies department of the Chinese Academy of International Trade and Co-operation, said the prospects were promising.
This was particularly so in the fields of agriculture, light industry, machinery, infrastructure construction, information technology and tourism, he said.
China is advanced in agricultural technology, seed cultivation, oil exploration and has relatively cheap and durable light industry products and machinery, Xu said.
He added this could meet the needs of many African countries.
Chinese enterprises also have sharpened their competitive edge in road and railway building, communication systems, irrigation works and energy generation, he said.
Chinese textiles and clothing firms are also investing heavily in Africa at the moment as a way to get around US and European Union limits on Chinese exports in this sector.
Chu Shuntang, an official from the China-Africa Private Chamber of Commerce, said businessmen on a recent trip to Africa had been greatly impressed by the opportunities there.
During the 20-day visit, they gained more understanding of the investment environment, and received economic and trade information about selected projects.
The impression they got is that economic development in many African countries is the same as it was in China two decades ago, Chu said.
The businessmen believe investing early will help them reap good profits later on.
"To invest and set up factories in Africa will be better than simply conducting trade," he said.
Xu Changwen, head of the Asian and African studies department of the Chinese Academy of International Trade and Co-operation, said the prospects were promising.
This was particularly so in the fields of agriculture, light industry, machinery, infrastructure construction, information technology and tourism, he said.
China is advanced in agricultural technology, seed cultivation, oil exploration and has relatively cheap and durable light industry products and machinery, Xu said.
He added this could meet the needs of many African countries.
Chinese enterprises also have sharpened their competitive edge in road and railway building, communication systems, irrigation works and energy generation, he said.
Chinese textiles and clothing firms are also investing heavily in Africa at the moment as a way to get around US and European Union limits on Chinese exports in this sector.
Chu Shuntang, an official from the China-Africa Private Chamber of Commerce, said businessmen on a recent trip to Africa had been greatly impressed by the opportunities there.
During the 20-day visit, they gained more understanding of the investment environment, and received economic and trade information about selected projects.
The impression they got is that economic development in many African countries is the same as it was in China two decades ago, Chu said.
The businessmen believe investing early will help them reap good profits later on.
"To invest and set up factories in Africa will be better than simply conducting trade," he said.