Africa, China talk business
GOVERNMENT| 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 GOVERNMENT NEWS
Safaricom dominance under discussion in ParliamentA bill aimed at levelling Kenya’s telecommunications sector by declaring leading operator, Safaricom, as dominant in the industry, is now in Kenya’s parliament. Read More
KRA marks 2 millionth iTax registrationThe Kenya Revenue Authority (KRA), has sealed a major milestone in its organisational transformation journey, with the registration of its 2millionth iTax client. Read More
CBN extends BVN enrolmentThe Central Bank of Nigeria has extended the timeline for the enrolment for the national Bank Verification Number (BVN). Read More
NITA gets a new bossGhana’s President John Dramani Mahama has appointed a 35 year old computer scientist, George Atta-Boateng, as Acting Director General of the National Information and Technology Agency. Read More
Nigeria BVN deadline loomsBank customers in Nigeria are reported to be rushing to register for their biometric banking ID as the deadline for the BVNs looms. Read More
Young entrepreneurs in Rwanda told to be more creativeThe latest YouthKonnekt Hangout hosted by Rwanda’s Ministry of Youth and ICT (MYICT) in partnership with UNDP, ADMA, Tigo, and HeHe Labs, has urged young entrepreneurs to be innovative. Read More
Jumia gets visit from Côte d’Ivoire MinisterCôte d’Ivoire’s Minister of Post and Information and Communication Technology, Bruno Kone, has paid a visit to the offices of e-commerce firm Jumia. Read More
African heads of state to participate in TGAISFive heads of state have already confirmed their participation in the 2015 Global African Investment Summit. Read More
Francis Wangusi reappointed CAK DGThe Board of the Communications Authority of Kenya has announced the appointment of Francis Wangusi as the Director General for a term of four years, effective 22 August 2015. Read More
FEATURED STORYIHS plans to inject fresh $500m to grow capacity
Mohammed Darwish, managing director of IHS Towers, says the firm will soon inject another $500million into the business after raising some $2.5billion to finance expansion drives. Darwish spoke with biztecafrica.com in Lagos.
BEST READ NEWS
IN DEPTHAs curtain falls on MDGs, what next?
Dr. Bjorn Lomborg, president of the Copenhagen Consensus Centre, speaks to Biztechafrica about setting smart targets.