Sino-Gabonese ties hit new high

Investment in manufacturing and infrastructure projects, and trade in commodities and energy are key to the future of Sino-Gabonese business ties, as their products are complementary, experts said.

He Wenping, a senior research fellow at the Institute of West-Asian and African Studies, said the two sides will further deepen their cooperation in traditional fields, such as oil, timber and cement, in the short term, and they could also find opportunities in infrastructure projects.

"Gabon is seen as one of China's great partners," He said. "The country has a stable political situation, with good geographical and demographic positions."

China mainly imports oil, manganese ore and timber from Gabon, and exports mechanical and electrical products, cement and steel to the country.

Gabon's nickname is "the country of green gold", as forests cover more than 85 percent of its area and timber accounts for more than 10 percent of its exports.

Trade volume between China and Gabon reached $1.35 billion in the first 10 months of this year, an increase of 2 percent from last year. China's outbound direct investment in Gabon was $4.88 million in 2015, up 91 percent from the previous year, according to financial data provider Wind Information.

One of the continent's goals prescribed in the African Union's Agenda 2063 plan released last January was to push for economic diversification, including industrial development and agricultural transformation.

China-Africa ties were further strengthened after the Forum on China-Africa Cooperation was held last December in Johannesburg, South Africa.

"In the future, China and Gabon will solicit more cooperation in nonenergy fields, such as agriculture and industrial manufacturing," He said.

Yu Wensheng, an associate research professor at the China Institutes of Contemporary International Relations, said the two countries hold similar views on many issues and may advance partnership in power systems, telecommunications and water conservation.

"Domestic economic restructuring is especially important for Gabon, because oil, which has long been the mainstay of its economy, is becoming a scarcer resource every day," Yu said.

Chinese media company StarTimes Group Ltd has been at the frontline of Gabon's digital television project since it signed a contract with the central African nation in August 2015.

Manager of Gabon Project at the company Victor Wang said: "The project aims to make digital televisions affordable for all Gabon people and facilitate access to high-value content on current affairs."

Contact the writers at jingshuiyu@chinadaily.com.cn and zhongnan@chinadaily.com.cn

(China Daily 12/08/2016 page7)