Mumbai:
China, the world''s fastest-growing economy, is expanding
into Africa in big way. China has proposed to set up as
many as five special investment zones in Africa to boost
Chinese investments in the continent. The government will
also continue to provide preferential loans and credit
to help support Chinese companies investing in Africa,
he added.
China will double its aid to Africa by 2009, set up a
$5 billion fund for investments in the continent, and
also provide $3 billion in loans over the next three years,
President Hu Jintao said at the opening of the Beijing
Summit of the Forum on China-Africa Cooperation.
He said China might also consider cancellation of some
debt owed by Africa''s poorest nations
Energy-hungry China had invested $6.27 billion in Africa
as of end-2005, mostly in oil and gas projects. The country
is targeting countries like Angola, Libya and Nigeria
to meet its rising energy needs, which has almost doubled
in a decade.
Noting that trade between the two may double to $100 billion
a year by 2010, President Hu Jintao said: ``China and
Africa share increasing common interests and have a growing
mutual need
To strengthen unity and cooperation
with Africa is a key principle guiding China''s foreign
policy.''''
"Common development is the shared aspiration of the
Chinese and African peoples," he told an audience
of 41 African heads of state or government, senior officials
from 48 African countries and delegates from international
organisations.
"We
are committed to pursuing mutually beneficial cooperation
to bring the benefits of development to our peoples,"
he said.
China
will give Africa $2 billion in buyers'' credits over the
next three years and also raise the number of tariff-free
imports into China from its poorest countries to more
than 440 from the present 190.
By the end of 2005, China''s has helped build 720 projects
in Africa. It has canceled 10.9 billion yuan ($1.4 billion)
of debt for 31 heavily indebted and least developed African
countries, Xinhua news agency said.
China has now promised to train 15,000 African professionals,
send 100 senior agricultural experts and set up 10 special
agricultural technology centers in Africa in the next
three years.
It also proposed to build 30 hospitals in Africa and provide
a 300 million yuan grant to fight malaria.
China and Africa will sign two documents at the two-day
summit -
the Beijing declaration and an action plan for the years
2007 to 2009, which cover aspects of China-Africa relations
and cooperation.
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