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Chinese investment in Africa cements friendly ties
17:20, February 15, 2011

While meeting with Chinese Foreign Minister Yang Jiechi on Feb. 11, Zimbabwean Prime Minister Morgan Tsvangirai said he would like to see more Chinese business and investment in his country.
The Zambian vice president expressed his hopes recently that China's investment in his country in 2011 would top 1 billion U.S. dollars. And other African countries, such as Mauritius, also regard China as their major source of investment.
China's investment has witnessed robust growth over the past decades thanks to friendly China-Africa cooperation. By the end of 2009, China's investment in 49 African countries totaled 9 billion U.S. dollars.
China's investment in Africa is correlated with the economic development in Africa. The African economy maintained steady momentum on the path of fast development until 2009 and needed capital to improve the infrastructure of mining, manufacturing and transportation industries.
China's investment in Africa started in the 1980s, was gradually expanded in the 1990s and has rapidly increased since beginning of this century, which, to some extent, eased the shortage of capital in Africa. China's investment touched a wide range of trades, such as mining, financing, manufacturing, construction, agriculture, forestry, livestock and fishing, which helped diversify the African economy.
As an old Chinese saying goes, "Give a man a fish and you will feed him for a day, but teach him how to fish and you will feed him for a lifetime." China's investment helped Africa develop its indigenous innovation, which is one of the major reasons why China is investing in Africa.
Chinese business cooperated with businesses from other countries to develop oil resources in the Sudan, helping the northeast African nation establish a modern system for oil and gas. Apart from that, China has set up several economic and trade zones with a total investment of more than 250 million U.S. dollars in Zambia, Mauritius, Nigeria, Egypt and Ethiopia, which have attracted more investment for these countries. For instance, the zone in Zambia has attracted a dozens of businesses with 600 million U.S. dollars in investment.
China's investment, focusing more on the labor-intensive industries, improved the living standard and created jobs for local residents. According to official statistics in Zambia, Chinese investment has created a total of 15,000 jobs in the country.
Ugandan President Yoweri Kaguta Museveni said last year that China became his country's top investor. There were 32 China-invested projects in the previous fiscal year, which created more than 5,500 jobs. Additionally, Chinese investors gave back to local societies by building roads, houses, hospitals and schools, which greatly improved quality of life there.
Chinese investment has become more and more welcome in Africa. More importantly, Chinese investment also sparked the zeal of investors from the industrialized countries. From 2000 to 2008, global direct investment to Africa totaled 88 billion U.S. dollars, a major source of capital for African growth. China's investment not only contributed to local people's livelihoods but also provided African countries with more opportunities for further development.
By Zhang Xinyi, People's Daily Online