- Washington “follows with interest” Morocco’s openness onto Africa (John Kerry)Posted 11 years ago
- The trial of South African Paralympic champion Oscar Pistorius opened in Pretoria on Monday.Posted 11 years ago
- USA welcomes efforts of King Mohammed VI in MaliPosted 11 years ago
- Egypt’s population reaches 94 millionPosted 11 years ago
- Mugabe celebrates his 90thPosted 11 years ago
- Moroccan Monarch to Build a Perinatal Clinic in BamakoPosted 11 years ago
- King Mohammed VI handed a donation of bovine semen for the benefit of Malian breeders.Posted 11 years ago
- Moroccan King’s strategic tour to Africa: Strengthening the will of pan African Solidarity and stimulating the south-south cooperation mechanisms over the continentPosted 12 years ago
- Senior al-Qaida leader killed in AlgeriaPosted 12 years ago
- Libya: The trial of former Prime Minister al-Baghdadi AliPosted 12 years ago
Africa/China: China is seeking for a new business record
China became the largest trading partner in Africa. As its economy booms, China is intent on getting the resources needed to sustain its rapid growth, and is taking its quest to lock down sources of oil and other necessary raw materials across the globe. As part of this effort, China has turned to Africa. Direct investment to African countries reached 1.44 billion dollars in 2009 and the Chinese presence, economic and human, on the African continent is steadily increasing. Chinese interest in Africa extends beyond oil.
China now ranks as the continent’s second-highest trading partner, behind the United States, and ahead of France and Britain. Experts say Chinese companies see Africa as both an excellent market for their low-cost consumer goods, and a burgeoning economic opportunity as more countries privatise their industries and open their economies to foreign investment. China is seeking for a new business record on the continent, and do better than the nearly 76 billion Euros achieved in bilateral trade in 2008, by diversification of its investments. Raw materials always arrive first. China Petroleum and Chinese National Offshore Oil Company have strengthened their presence in the oil and gas fields, but other sectors will be prioritised in the future, as evoked by the Director of the Africa Department and West Asia to the Chinese Ministry of Commerce, in mining, aviation and transport, but also renewable energy and finance. By the end of 2009, China has invested over 6.6 billion Euros, and more than 2 000 Chinese companies are located in the continent. However, the huge gap in the unbalanced trade deficit is still remaining between the world’s factory and some of its partners. Thus China has decided to do better by lifting 60% taxes on all imports from 26 African countries in July 2010. Chinese authorities also announced the opening of a large exhibition centre dedicated to the African companies. The centre will be based in the city of Yiwu, by the Zhejiang Province on the East coast of China. It is scheduled to open next April.