Chinese Investments Boost Africa's Independent Development: Think Tank
Umer Jamshaid Published September 18, 2018 | 05:58 PM
Chinese investments in Africa have assisted African countries with independent development, according to a recent report by a leading Chinese think tank.
BEIJING, (UrduPoint / Pakistan Point News - 18th Sep, 2018 ) :Chinese investments in Africa have assisted African countries with independent development, according to a recent report by a leading Chinese think tank.
The "China-Africa Direct Investment and Cooperation" report was jointly compiled by the Institute of West-Asian and African Studies and the Bureau of International Cooperation.
According to the report, Chinese investments in construction helped African countries reduce the cost of building houses, roads, railways and bridges, while enhancing their capabilities to manage, operate and develop infrastructure through technical cooperation and training.
Chinese enterprises employed an increasing number of local workers in infrastructure projects and selected African staff in key positions to attend training in China, the report said.
China's investments in manufacturing in African countries have gradually shifted from "made in China" to "jointly made in China and Africa," the report read, citing an estimation that China's greenfield investments in Africa covered 77 manufacturing projects from 2003 to 2014, with a total volume of 13.
3 billion U.S. dollars.
The report listed more than 20 cases to illustrate how such investments enabled African countries to master new technology and improve manufacturing and exports.
For example, Chinese company Good Time Steel Company Zambia Ltd. built a steel rolling mill in Zambia with 26 million U.S. dollars. The steel produced met market demand and was exported to surrounding countries.
The report also analyzed challenges to Chinese investments in Africa from various perspectives and offered advice for China to expand its investments.
Since 2016, China's direct investment in Africa has surpassed 8 billion U.S. dollars, according to an article by Chinese Minister of Commerce Zhong Shan in the People's Daily on Aug. 31.
The article said that since 2016, China had secured more than 200 billion U.S. Dollars worth of new contracts with African countries, making Africa its second largest overseas market for contracted projects.
Related Topics
Recent Stories
PCB dismisses FICA's claims of unpaid dues in PSL
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
Today Gold Rate in Pakistan 28 March 2024
Niger says US to submit plan to 'disengage' troops
Venezuelan opposition registers unknown poll contender after obstacles
Van Aert breaks collarbone, ribs in Flanders fall
Russian attacks kill three as Ukraine calls for more air defence
Climate change is messing with how we measure time: study
Minister discusses bilateral issues with Turkiye Ambassador
Urdu poet Safiya Shamim remembered on birth anniversary
Turbat attack martyr laid to rest with full military honours
Police break up Togo opposition event: AFP journalists
More Stories From Business
-
Pakistan earns US $419m from travel services' export in Jul-Jan
19 minutes ago -
Tokyo stocks drop on ex-dividend day
49 minutes ago -
Exchange rates for currency notes
1 hour ago -
Foreign exchange rates
2 hours ago -
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 28 March 2024
4 hours ago -
Today Gold Rate in Pakistan 28 March 2024
4 hours ago
-
Tokyo shares sink on ex-dividend day
5 hours ago -
Stock markets mostly rise, yen hits 34-year low
14 hours ago -
Asian markets mixed as traders assess latest rally, eye data and earnings
15 hours ago -
Pak-Iran transit trade strengthening through enhanced road-rail connectivity: Ahsan Iqbal
16 hours ago -
Punjab industries minister briefed on PBTE performance
16 hours ago -
Stock markets mostly rise, yen hits 34-year low
17 hours ago