Beijing - China will set up a China-Africa development fund which will reach
US$5 billion to encourage Chinese companies to invest in Africa and provide
support to them.
Chinese President Hu Jintao made the remarks Saturday when addressing
the opening ceremony of the Beijing Summit of the Forum on China-Africa
Hu said that China and Africa will broaden win-win economic cooperation.
"We will give full play to our respective strength, enhance economic and
trade ties, broaden areas of cooperation, support cooperation between our
business communities, upgrade cooperation in human resources development and
explore new ways of cooperation so that both sides will share the benefits of
development," Hu said.
Forty-one heads of state or government and senior officials of 48 African
countries that have diplomatic ties with China, including Prime Minister of
Ethiopia which co-chairs FOCAC, Alpha Oumar Konare, chairman of the Commission
of the African Union (AU) and representatives from regional and international
organizations attended the landmark gathering highlighting "friendship, peace,
cooperation and development".
By the end of 2005, China had over 800 enterprises in Africa, involving a
total investment of 6 billion U.S. dollars. Trade volume between Africa and
China rocketed to 39.7 billion U.S. dollars in 2005 after breaking the mark of
10 billion dollars in 2000.