 |
| Welcome to BuaNews, the gateway to quick and fresh government news and information |
| Home | Today's stories | This week's stories | Last week's stories | Other Features | International News | User policy |
|
| ||||||||||||||||||||||||
|
Compiled by the Government Communication and Information System Date: 06 Nov 2009 Title: Nkoana Mashabane to participate in China-Africa forum -------------------- Pretoria - International Relations and Cooperation Minister Maite Nkoana Mashabane will head to Egypt on Saturday for a summit with African and Chinese leaders aimed at expanding diplomatic and economic relations between the two continents. Nkoana Mashabane, who will be accompanied by other cabinet ministers and senior government officials, will participate in the two-day Forum on China-Africa Cooperation (FOCAC) which begins on Sunday in the Red Sea resort of Sharm el-Sheikh. "The visit comes within the context of strengthening South - South Cooperation, which provides the basis for mutual benefit and cooperation between Africa and China," spokesperson Nomfanelo Kota said. Relations between Africa and China have dramatically improved, especially within both the political and economic spheres, following the 1st FOCAC Ministerial meeting in 2000. China has over the years paid for dams, power stations, football stadiums across Africa and scooped up copper, oil and other fuel for its breakneck economic expansion from Algeria to Zimbabwe. At the last China-Africa summit in Beijing in 2006, China pledged hefty aid and vowed to step up its trade relations with the continent. This summit is expected to adopt a declaration and an action plan for 2010-2012 to chart the path for further China-Africa cooperation. FOCAC is held every three years and this will be the fourth since it started in 2000. Direct Chinese investment in Africa leapt from $491 million in 2003 to $7.8 billion in 2008. Trade between the two has increased tenfold since the start of the decade. Last year, China-Africa trade reached $106.8 billion - a rise of 45 percent in one year and on par with the United States, which estimated its two-way trade with sub-Saharan Africa at $104 billion for 2008. Chinese imports from Africa last year were worth $56 billion, dominated by oil ($39 billion) and raw materials. Its $56 billion of exports in 2008 consisted mainly of machinery, electrical goods, cars, motorbikes and bicycles. - BuaNews-Xinhua |
| |||||||||||||||||||||||
