China-Africa Summit in Egypt Hailed as Success (the numbers are staggering)

[tekisui]

Source: Pan-African News Wire

A new chapter in relations between the People’s Republic China (PRC) and the African continent began during the recently held 4th Ministerial Conference of the China-Africa Cooperation Forum (FOCAC) which was held between November 6-9 in the Egyptian Red Sea resort of Sharm el-Sheikh. During the summit Chinese Premier Wen Jiabao announced eight new measures to enhance partnerships with 53 African states in the areas of agriculture, debt relief, market access expansion, climate change, medical affairs, education, environmental protection and promotion of investment.

The summit was addressed by Premier Wen and was also attended by the Chinese Commerce Minister Chen Deming. Wen said that Beijing is “committed to…going all-out to assist African countries in improving their agricultural production and infrastructure.” (South African Mail & Guardian, November 9)

According to a statement made by Premier Wen, “The Chinese people cherish sincere friendship toward the African people, and China’s support to Africa’s development is concrete and real. We will help Africa build financing capabilities. We will provide $10 billion for Africa in concessional loans.” (Money Morning, November 10)

This summit in Sharm el-Sheikh is a continuation of the 2006 meeting which was held in Beijing. Economic cooperation between the PRC and the African continent has accelerated in recent years.

During 2008, China exceeded the United States in becoming the largest trading partner with Africa. Total trade between Beijing and the African continent totaled $107 billion. This represents a tenfold increase since 2000.

The Chinese oil industry has announced plans to invest $16 billion in efforts to boost its imports from Africa. The Chinese state-owned company, CNOOC Ltd, is conducting negotiations with Nigeria to purchase 6 billion barrels of oil, which would total over 17 percent of the West African nation’s reserves.

This deal, if approved, could generate $30-50 billion in revenue for Nigeria. Other trade relations between China and Africa involves the importation of large supplies of gold, silver, copper, cobalt, bauxite, iron ore and nickel.

more: http://panafricannews.blogspot.com/2009/11/china-africa-summit-in-egypt-hailed-as.html

[therealbarack]

1. China is becoming the

next superpower, like it or not

[tekisui]

2. No doubt about it.

[applegrove]

3. Good that Africa has a new market.

[MrScorpio]

4. They're investing heavily in Africa

But the Chinese are pouring lots of their own talent rather than relying on local recruitment.

It's more of the exploitation that advanced nations do to disadvantaged ones.

[tekisui]

5. bump.