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African countries seek investment, business in central China (2) |
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14:53, July 05, 2007 |
A representative with Quanzhou Wanlong Building Materials Development Co. Ltd, based in east China''s Fujian Province, said his company had decided to cooperate with Mali, in western Africa, in paper box production.
African delegates also expressed a willingness to cooperate with Chinese automobile and cable production companies.
Investment from China to Africa is expected to reach 2 billion U.S. dollars in 2007, said Donald Kaberuka, president of the African Development Bank.
Official figures from China show Chinese investment in Africa totaled 11.7 billion U.S. dollars by the end of 2006.
Last month, Chinese government launched a fund of 1 billion U.S. dollars to finance trade and investment by Chinese companies in Africa, in a fresh effort to facilitate Sino-African business relations.
Trade volume between the two sides hit 55.5 billion U.S. dollars last year, maintaining an annual growth rate of more than 30 percent in the past five years.
Source: Xinhua
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