BIZCHINA / Center
Investment from China to Africa expected to reach US$2b
(Xinhua)
Updated: 2007-05-13 09:21
Investment from China to Africa is expected to reach two billion U.S.
dollars in 2007, Donald Kaberuka, president of the African Development
Bank (ADB), said in Shanghai Saturday.
Over the past six years, trade volume between China and Africa
quintupled, he said while meeting reporters prior to the 2007 Annual
Meetings of the Board of Governors of African Development Bank Group to
be held in Shanghai from May 16 to 17.
Figures released by the Chinese authorities showed that investment from
China in Africa had totaled 11.7 billion U.S. dollars by the end of 2006.
Trade volume between the two sides hit 55.5 billion U.S. dollars in 2006,
maintaining an annual growth rate of more than 30 percent in the past
five years.
"Something was happening in Africa over the past six years, which was not
happening for 30 years," Kaberuka said. "The economic growth picked up in
an incredible way, and we are appealing to African partners to come not
just for oil and gas, but for other opportunities."
According to the ADB, economic activity in Africa is estimated to rise
nearly 5.5 percent in 2006 and is expected to grow by 5.9 percent and 5.7
percent in 2007 and 2008 respectively. Oil-exporting countries are
outpacing others by a substantial margin.
The ADB is an institution linking China and Africa, and plays an
important role as a catalyst of their relationship, the president said.
Asked about expectations for the meetings, he said that the ADB members
need more cooperation to examine ways for the bank to play a bigger role
in promoting both the private and public sectors in Africa.
"China is the fastest growing country with the largest market in the
world, and we come to know how this happens, " Kaberuka said.
"We also come to consolidate the links between China and Africa following
the China-Africa summit (in Beijing)," he said, noting that he was
looking forward to constructive discussions on all subjects of common
interests with the participants, apart from trade and investment.
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