Beijing and African countries set up joint chamber of commerce

6 November 2006

Beijing, China, 06 Nov – China and the African nations are planning to create a joint chamber of commerce, the president of the Chinese export promotions agency said Saturday in Beijing, during the first day of the Forum for China-Africa Cooperation (FOCAC).

The president of the Chinese Council for Promotion of International Trade (CCPIT),Wan Jifei, said that the aim of creating the chamber of commerce was to develop cooperation between business sectors in Africa and China.

Wan announced the creation of the chamber during a meeting of the High Level Dialogue Mechanism of the Conference of Chinese and African Businesspeople, which were part of the head of state and government summit of FOCAC.

One of the most discussed topics at the meeting is attracting Chinese investment to Africa and identifying opportunities for bilateral deals, with more than 2,500 trade agreements under discussion.

Chinese-African trade is mainly based on China’s need to safeguard its supply of natural resources and raw materials, including oil (Africa is the source of 30 percent of China’s oil imports), iron ore, wood, cotton and minerals, to feed the country’s galloping economic growth.

In 2005 trade between China and Africa totaled US$39,7 billion and is this year expected top exceed US$50 million. (macauhub)