Johannesburg, South Africa — MININGREVIEW.COM — 24 February 2011 – Chinese investment into Africa may rise by 70% to US$50 billion by 2015 from 2009, in the Asian nation’s intensifying quest to acquire more resources.
Stating this in a report released here, Standard Bank Group Limited “’ Africa’s largest lender “’ predicted that bilateral trade between China and Africa would reach US$300 billion by 2015, which is double the 2010 level.
Companies including Aluminum Corporation of China Limited and China National Petroleum Corporation are seeking acquisitions in Africa, buying iron ore, oil and copper assets to feed a growing economy.
Africa’s gross domestic product will expand by about 6% annually through 2015, Standard Bank said.
“Trade and investment routes in Africa are being recalibrated as economic momentum shifts to the East,” George Fang, China head of mining and metals, said in the report. “This has been further intensified by the turmoil in advanced economies, and has been exemplified by sovereign debt challenges across Europe,” he added.
“China is adding infrastructure capacity to link resources in African countries, which will make investment viable while leaving a future economic legacy for African nations,” Fang said.