In 2008, trade volume between China and Africa reached 106.8 billion USD, marking that the goal proposed by the Beijing Summit for the Forum on China-Africa Cooperation "to push China-Africa trade volume to 100 billion USD by 2010" was realized ahead of schedule.

Private enterprises have played a remarkable role in achieving that goal. Since the global financial crisis has affected the world's major economies, Africa has become a new attractive place for investment. Lots of Chinese private entrepreneurs who dared to think and act went to Africa one after another, rushing for gold in “the last virgin land on the planet".

Private capital actively heads for Africa

In Senegal, the most western country of Africa, a sesame planting program operated by the private Chinese enterprise DATONG Enterprises is running smoothly. Ouyang Riping, Chairman of DATONG, has over 20 years experience investing in the African agricultural sector. His cooperative sesame planning operations in African countries including Burkina Faso and Mali have achieved relatively good results, and he is honored as the "sesame king of China".

"The 2006 Beijing Summit turned the gazes of many enterprises onto Africa. Investors have more recognition for Africa, and more interest in investing there," said Ge Kaiyong, Director of the Training Division of the China-Africa Business Council (CABC). Many Chinese embassies in African countries reported that since the end of 2006, the number of people who applied for African visas has risen considerably, with most of them being for business exploration.

"At present, we often run into Chinese businessmen in African countries such as Kenya, South Africa and Nigeria," Ge said. To date, the CABC has already organized 19 groups on inspection tours to Africa, each of which has had at least 20 entrepreneurs. The number of other self-organized groups that have consulted CABC through the Internet, by telephone or in-person is even greater.

Presently, the non-governmental cooperation of China-Africa trade mainly focuses on the trade and processing industries, including consumables, building materials, mechanical and electrical products, light manufacturing sector, foodstuffs and the pharmaceutical industry. Considering resources and market demands of African countries, investments made by Chinese private enterprises have also followed a diversified trend. For instance, they prefer to develop the drinking water industry in countries that are weak in water treatment technology and establish projects such as fruit processing and juice production in areas where fruits are abundant.

"In the passed two years, private enterprises have gradually rationalized investing in Africa." commented Ge. Private entrepreneurs like to complete a comprehensive consultation in regards to language, culture and laws before going international. More sophisticated private capital is still the most active force in the China-Africa economic and trade cooperation.