China initiates Investing in Africa Forum, more industrial cooperation on agenda

Officials from China, Africa, and the World Bank on pledged efforts to strengthen industrial cooperation between China and Africa to boost the continent’s economic development at a two-day investment forum held in Addis Ababa, the capital of Ethiopia.

Important points were raised about the conditions that Africans need to put in place in order to attract more investments to the continent including the importance of creating a conducive business climate addressing bottlenecks in trade logistics, according to the official.

According to official statistics, China has been Africa’s largest trading partner for six consecutive years, with trade in 2014 reaching 222 billion U.S. dollars. Chinese invested a record high of 4 billion U.S. dollars in Africa last year, up 14 percent from a year earlier. At least 2,500 big and medium Chinese companies have registered to be operating in Africa, across a broad variety of sectors.

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