Africa, China talk business
BUSINESS| July 19, 2012, 10:07 a.m.
Government Ministers from 50 African countries have gathered in China for high-level talks on cooperation between China and Africa.
The 5th Ministerial Forum on China-Africa Cooperation (FOCAC) conference is now underway in Beijing, where trade, investment and strategic partnerships are in the spotlight.
FOCAC is described as “a platform for collective dialogue and an effective mechanism for practical cooperation between China and African countries.” This year’s event is expected to to chart the course for China-Africa cooperation in various fields in the three years from 2013-2015.
Tanzanian Foreign Minister Bernard Membe, in Beijing for the forum, noted that most African countries depend greatly on Chinese loans and grants for their development, while Rwandan Foreign Minister Louise Mushikiwabo said Africa intends to take advantage of China's support.
According to Chen Deming, China's Commerce Minister, China-Africa trade hit a record high of USD166.3 billion in 2011. He stated that China's investment in Africa reached USD14.7 billion by the end of 2011, with over 2,000 Chinese businesses located in the region.
In the lead-up to the forum, which opened today, China’s Vice Foreign Minister Zhai Jun said at the Forum on China-Africa Financial Cooperation hosted by the Export-Import Bank of China last week that the Ministerial Conference is of great significance for the continuation and further development of China-Africa relations, and has received high attention from both sides.
He noted that past few years had been the most robust period for China-Africa high-level exchanges.
“The development of China-Africa relations in recent years is not the development of relations with just one, two or a few African countries. Rather, it has been the comprehensive development of our relations with all friendly African countries.”
He noted that since 2006, China's grant assistance, interest-free loans and preferential loans to Africa have increased steadily. It has trained more than 30,000 professionals in various sectors for Africa and offers 5,000-plus government scholarships annually. For three consecutive years since 2009, China has remained Africa's largest trading partner.
MORE BUSINESS NEWS
Wananchi Telecom prepares for rapid growth across Africa with global network services from EpsilonLeading East African carrier Wananchi Telecom has partnered with Epsilon to connect African customers to more than 170 countries around the world. Read More
Setback for BTCL IPO as workers cry brokeWith the Privatisation of Botswana Telecommunications Corporation Limited privatisation nearing completion, employees claim they do not have the funds to buy the five percent of shares allocated to them. Read More
Nomanini takes Africa by storm using Google Cloud PlatformNomanini, a Cape Town-based mobile point of sale service that specialises in facilitating cash payments in emerging markets, has successfully scaled into six countries across Africa in just four years, using Google’s Cloud Platform. Read More
Airtel Kenya announces senior management appointmentsAirtel Kenya has appointed Josee Cremieux and Dick Omondi as the new customer service director and corporate affairs director respectively. Read More
Westcon Africa team expandsWestcon Southern Africa has appointed Brendan Mac Carron in the capacity of Communications and Security Account Manager for the Rest of Africa. Read More
Schneider Electric named Africa Best Employer Brand 2014Schneider Electric Africa has been awarded the Africa Best Employer Brand Award for 2014/2015 at the annual “Employer Branding Awards (EBA). Read More
Challenges facing today’s CFO’s in driving profit across the African bordersThe mode of doing business in Africa has changed and so has the role of the CFO, says SAP Africa. Read More
Cdiscount open for business in CameroonCdiscount, a French e-commerce leader, has officially launched its subsidiary in Cameroon, hoping to change the face of e-commerce in this Central African nation. Read More
Applications open for Tony Elumelu Entrepreneurship ProgrammeApplications are invited for the Tony Elumelu Foundation Entrepreneurship Programme, a $100 million programme set to fast track African start-ups. Read More
FEATURED STORYUCC launches 2015 ACIA awards
Uganda has launched the fifth Annual Communications and Innovation Awards, which celebrate and foster ICT innovation and achievement.
BEST READ NEWS
IN DEPTHKenya’s digital TV battle hots up
Kenya’s journey to Digital TV broadcasting took a new turn this week, when the Communication Authority of Kenya (CAK) accused three local media firms of intent to disrupt the process.
COMPANY NEWSMTN to empower African businesses with AWS Direct Connect
MTN Group today announced it would be the first African company to offer Amazon Web Services (AWS) Direct Connect to business customers across multiple countries on the ...“All Systems GO!” for the DStv Eutelsat Star Awards in Zambia
It’s “All Systems GO!” for the winners of the fourth edition of the DStv Eutelsat Star Awards to be announced at the awards ceremony in Lusaka, Zambia ...Spectra Wireless, Microsoft 4Afrika launch first commercial TV white spaces services in Africa
University students will now get fast, affordable Internet bundles and receive zero-interest financing when purchasing a new device.