China's trade with Africa has expanded rapidly over the last
five years with an increasing number of Chinese businesses
investing in the continent.
Wei Jianguo, vice commerce minister, said on Monday that Chinese
consumers liked African commodities, specifically citing South
African diamonds, Egyptian marble, Ethiopian sesame, Ugandan
coffee, Gabon lumber and Zimbabwe tobacco.
Wei said China-made commodities that were attractive both in
terms of price and quality are likewise welcomed by African
consumers. China's exports of textiles, clothing and furniture keep
growing steadily, while home electrical appliances, cell phones,
motor vehicles and other electronic and new- and high-tech products
are seeing a rising market share in Africa.
According to Wei, China-Africa trade last year amounted to
US$55.5 billion, a year-on-year growth of more than 30 percent for
the fifth consecutive year.
The total includes US$26.7 billion in exports to Africa, up 43
percent, and US$28.8 billion in imports, up 37 percent.
China has decided to scrap tariffs on over 440 sorts of African
commodities.
The Chinese government has continuously encouraged capable and
trustworthy firms to invest in Africa and localize production
there.
By the end of 2006, Wei announced, China had invested more than
US$6.6 billion in Africa, mainly in agriculture, telecommunication,
energy and processing sectors.
In 2006 alone, China's direct investments on the African
continent reached US$370 million, as compared to US$280 million a
year earlier.
(Xinhua News Agency February 6, 2007)