HomeBase MetalsChinese investment in Africa to top US$100 billion this year

Chinese investment in Africa to top US$100 billion this year

China “’ poised to exceed
US$100 billion in trade
with Africa this year
Beijing, China — MININGREVIEW.COM — 04 October 2010 – The Chinese government has revealed that its trade with Africa is on track to exceed US$100 billion (R700 billion) this year as it benefits from investments in mines, as well as farms and factories on the continent.

The official state news agency Xinhua quoted the Chinese Ministry of Commerce as confirming that trade between China and Africa had jumped 65% year-on-year in the first half of 2010 to US$61.2 billion (R428.4 billion).

China-Africa trade had fallen previously in 2009 to US$91.1 billion (R637.7, billion), down 14.7% from US$106.8 billion (R747.6 billion) in 2008, the report added.

It cited the ministry as revealing that more than 1 600 Chinese businesses were investing in Africa in the mining, processing, commercial, agricultural, construction and manufacturing sectors.

The report also revealed that Beijing had ceased levying tariffs on 60% of imports from the 26 least developed African nations in July.

China has invested billions of dollars in Africa, raising eyebrows in the West on the one hand, while many African leaders have praised China for not preaching about human rights and corruption on the other.