BUSINESS NEWS
China-Africa deals should be transparent
Posted Mon, 06 Nov 2006
The "strategic partnership" between Africa and China needed transparency and good corporate governance, President Thabo Mbeki said on Sunday. "Our strategic partnership should strive for a fair and equitable global trading system that is characterised by transparency, good corporate governance, predictability and poverty alleviation and eradication," he told the Forum on China-Africa Co-operation Summit in Beijing, China. Among those present were Chinese President Hu Jintao and Prime Minister of Ethiopia Meles Zenawi. China's commitment to Africa had already seen tangible and concrete results, particularly in human resource development, debt relief, and investment.
Africa in turn would help China's development, evident through the supply of raw materials, other products and technology transfer, Mbeki said. He quoted from Jintao's speech on Saturday in which he mentioned China's goal of building a "moderately prosperous society" and accelerate "socialist
modernisation". "Our overall goal is to quadruple the GDP of 2000 by 2020 so that we will achieve greater progress in economy, democracy, science, education and culture, make the society more harmonious and ensure a better life for our people," Jintao had said. Mbeki said that as Africa harnessed its abundant natural and human resources, it welcomed a "fair and equitable" partnership with China so that both could accelerate their economic growth. "May we use this forum as a stepping stone towards transforming our continental relationship with China, based on a shared vision and understanding of our developmental challenges and the advancement of the Nepad [New Partnership for Africa's Development] objectives," Mbeki added. The two sides were to double their trade to US$100-billion in four years, French news agency AFP reported earlier. Trade deals worth $1.9-billion were announced at the summit on Sunday. The 16 contracts announced on Sunday covered co-operation in
natural resources, infrastructure, finance, technology, textiles and communications, said Wan Jifei, chairman of the China Council for the Promotion of International Trade. By far the biggest deal was one worth US$938 million for China's state-owned Citic conglomerate to set up an aluminium plant in Egypt, according to AFP.
A new copper project worth $200-million in Zambia was also announced, along with plans to build a $55-million cement factory in Cape Verde and a mining contract worth $230-million with South Africa.
Sapa
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