China to focus on Africa’s key economic sectors of textile

YarnsandFibers News Bureau 2015-12-07 16:00:00 – JOHANNESBURG

The new phase of the China-Africa cooperation will now focus more closely on getting Chinese investors to provide financial support and investments across all African regions. They will focus on strengthening their cooperation to boost manufacturing output in key economic sectors of textile, electronics and car assemblies, a top Chinese official said last week.

As part of China’s efforts to improve on multilateral cooperation with key African countries will now intensify the construction of industrial parks, which have so far helped to create jobs in Ethiopia, Egypt and Zambia, said Chinese Vice Minister of Commerce Zang Xiangchen.

Zang told a gathering of Chinese and African business leaders meeting ahead of the Forum on China-Africa Cooperation (FOCAC), holding in Sandton, South Africa, to plan a new series of joint investment projects.

In Ethiopia, Chinese investors have been focusing on the construction of an industrial park in Dukem, near Addis Ababa, to host 80 textile firms, leather and construction equipment production factories.

Other industrial parks already in operation in Ethiopia have already created 40,000 jobs, dealing with the assembly of cars, trucks and other construction equipment.

So far, 3,000 Chinese firms have invested US$2.7 billion in Africa, helping create 600,000 direct jobs. With additional financial support, China estimates the involvement of both Chinese and African firms, would enable the continent to become self-sufficient in the local production of its basic needs.

The Chinese official said that Beijing would support other Chinese firms to invest in special economic zones by offering them the financial support to invest in Africa.

They want to make use new financial facilities to promote their cooperation. They want to make this economic cooperation with Africa more efficient.

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