By Bloomberg News
Nov. 7 (Bloomberg) -- China is willing to scrap import duties on more commodities from Africa as part of its plans to strengthen bilateral trade, China’s Commerce Minister Chen Demingwrote in an article in China Daily today.
China wants to promote “quality exports” to Africa and encourage companies to invest in the continent, while welcoming African entrepreneurs to invest and set up ventures in China, Chen said. Chinese premier Wen Jiabao is due to hold a summit with African leaders tomorrow in the Egyptian Red Sea resort of Sharm el-Sheikh.
China-Africa trade exceeded $100 billion in 2008, while Chinese direct investment in Africa amounted to $5.49 billion last year, Chen said. He proposed implementing investment protection agreements, strengthening cooperation among financial institutions and setting up logistics centers in Africa.
“Efforts will be directed to ensure the success of overseas trade and economic cooperation zones, attracting greater investment inflow from Chinese companies and providing convenience of access for small and medium-sized African enterprises to these cooperation zones,” Chen said.
Both sides should cooperate on agricultural infrastructure and grain production, Chen said. China will continue to help build schools and hospitals in Africa, he said.
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Last Updated: November 7, 2009 06:33 EST
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