Investment Updates News
- China's direct investment in Africa hits 480 mln USD in first half
Date: 29-Aug-2007 Sources: (People's Daily)
Direct investment by Chinese firms in Africa surged to 480 million U.S. dollars in the first half of this year, said Chinese Vice Commerce Minister Wei Jianguo on Tuesday.
The figure exceeded that for the whole of 2006, which stood at 370 million U.S. dollars.
China has signed labor service contracts worth 11.27 billion U.S. dollars with African countries during the first six months, said Wei at a meeting on corporate investment and trade with Africa.
China completed labor service contracts worth 9.5 billion U.S. dollars in 2006 in Africa.
Trade volume between China and Africa reached 32 billion U.S. dollars in the first half, up 25 percent year on year, according to the ministry.
China has become the third biggest trade partner of Africa, and trade between China and Africa has been growing by an average 30 percent each year since 2000.
Many African countries expected China to increase its assistance to Africa and import more goods from Africa, according to Wei.
Wei said China would continue to help African countries improve their development capability, and called on Chinese firms in Africa to shoulder more social responsibility.
Sponsor Results:
