China and African countries sign contracts worth US$1.9 billion

6 November 2006

Beijing, China, 06 Nov – China and ten African countries Sunday signed trade contracts worth a total US$1.9 billion, the president of the Chinese foreign trade promotion agency said.

The 16 contracts and agreements signed between Chinese companies and ten African countries include cooperation in the areas of natural resources, infrastructure, finance, technology and communication, said Wan Jifei, the president of the Chinese Council for Promotion of International Trade (CCPIT).

The agreements were signed at the end of the Conference for Chinese and African Businesspeople, which took place Sunday in Beijing as part of the head of state and government summit of the Forum for China-Africa Cooperation (FOCAC), held this weekend in Beijing.

The largest Chinese-African partnership signed was, according to a copy provided to the press, the exploration and production of aluminum in Egypt, valued at US$938 million.

Cape Verde also secured the construction of a cement factory on the island of Santiago, at a total investment of US$55 million.

Amongst the other countries to sign agreements were South Africa, the Sudan, Kenya, Nigeria and Ghana.

However, no oil contracts were signed, which is the sector that is most important for China-Africa relations, as the in 2005 the continent provided some 30 percent of China’s total oil needs. (macauhub)