China wants to triple its trade with Africa in five years

25 November 2005

Antananarivo, Madagascar, 25 Nov – China wants to triple its trade with African nations to a total of USD 100 billion within five years, increasing imports and doubling direct investment in the continent, the Chinese deputy prime minister, Huang Jun, said in Madagascar.

On a visit to the Madagascan capital of Antananarivo, Huang Jun said that China will continue to work with African countries on improving the structure of external trade, which will encourage Chinese companies to increase imports from Africa.

“We aim to increase form the current USD 30 billion to USD 100 billion by 2010,” he said.

Huang added that, “China aims to encourage a larger number of Chinese companies to invest in Africa, doubling the total direct investment in the next five years”.

Angola is China’s second largest commercial partner on the African continent, with trade between the two countries totaling USD 4.9 billion in 2004.(macauhub)