The work to establish three to five economic and trade cooperation zones in Africa has proceeded smoothly, China’s Minister of Commerce Chen Deming said recently. The China-Africa Development Fund, aimed at encouraging and supporting Chinese enterprises investing in Africa, has also already invested nearly 400 million USD.
Chen led a Chinese government economic and trade delegation from January 12-19 on a visit to the three African nations of Kenya, Zambia and Angola.
Setting up three to five economic and trade cooperation zones in Africa is one of the eight measures proposed by Chinese President Hu Jintao at the Beijing Summit of the Forum on China-Africa Cooperation in 2006, regarding economic and trade cooperation with Africa. The Zambia-China Economic and Trade Cooperation Zone, the Nigeria-Guangdong Economic and Trade Cooperation Zone, the Lekki Free Trade Zone in Nigeria, the Egypt Suez Economic and Trade Cooperation Zone and the Ethiopian Oriental Industrial Park are all under construction.
Among them, the Zambia-China Economic and Trade Cooperation Zone was the first one established by China in Africa. In 2007, Chinese President Hu Jintao unveiled the plaque of the zone together with Levy Patrick Mwanawasa, former President of Zambia. To date, the zone has developed well, as evidenced by the fact that 10 enterprises that have set up offices in the zone have signed contracts to make a total investment of more than 700 million USD in industries such as mining, smelting and chemical engineering. They will offer 3,500 jobs to local people and reach a total of 300 million USD in local procurement.
On January 15, the opening ceremony of the Lusaka sub-zone under the Zambia-China Economic and Trade Cooperation Zone was held in Zambia’s capital, Lusaka, at which Zambian President Rupiah Banda and Minister Chen were present. The newly established Lusaka sub-zone will focus on the development of industries such as light industrial machinery, textiles and clothing, household appliances manufacturing and food processing. It will develop into Zambia’s manufacturing base and business center.
The China-Africa Development Fund, officially launched in 2007, is currently China's largest private equity fund and its first equity investment fund focused on investment in Africa. The first phase of funding, 1 billion USD, was financed by the China Development Bank. Funding will eventually expand to 5 billion USD.
As of the end of 2008, the Fund had already invested nearly 400 million USD in 20 projects, bringing total investment in Africa by Chinese enterprises to over 2 billion USD, Chen said. By the end of 2008, China's direct investment stock to Africa had surpassed 5 billion USD.
During this visit to Africa, Chen looked specifically into how Chinese enterprises fulfill their social responsibilities there. Many enterprises have done their work in a positive and effective way and the sense of fulfilling social responsibility is being identified with and practiced by more and more Chinese enterprises in Africa. He said that the Chinese government has made clear requests to Chinese enterprises in Africa, hoping they contribute more to the economic development of the host countries, comply with local laws and regulations, live in harmony with the local people, actively give back to the local society while developing themselves, create more employment opportunities and seriously fulfill their social responsibilities.
By People's Daily Online
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