China pledges $50 billion for industrialisation in Africa

Posted On Wednesday, 21 October 2015 12:55 Published by
Rate this item
(0 votes)

China has reiterated its commitment to support industrialisation in South Africa and the rest of the African continent by pledging $50 billion towards industrialisation projects, said the Department of Trade and Industry (dti).

Lionel October

In a statement on Tuesday, the dti said the pledge was announced during a courtesy visit by the Vice Minister of Commerce of China, Zhang Xiangchen, to the Director-General of the dti, Lionel October, in Pretoria on Monday.

The courtesy visit by Vice Minister Xiangchen also focused on the upcoming Forum on China-Africa Cooperation (FOCAC) that will be hosted in Johannesburg from 4 - 5 December 2015.

Vice Minister Xiangchen said there were several new measures that the Chinese government is finalising to further promote industrialisation and development of the African continent as a whole.

“China-Africa industrialisation partnerships will be at the forefront of any development in the continent followed by agricultural activities. China will also increase investments in Africa especially in the Special Economic Zones and provide training in those sectors,” said Xiangchen.

Xiangchen also said his government would provide 50 technical experts in building and upgrading of industrial parks, building of new power plants, 40 000 training opportunities in different sectors and 200 000 industrial managers to train and develop local industrial managers.

The Director General welcomed the pledge and praised China for its efforts in continuously supporting the African cause. October said China remained an inspiration to most developing countries especially Africa. He said even though the continent remained underdeveloped, summits such as FOCAC can bring about progress on industrialisation.

The first ministerial conference of FOCAC was held in Beijing in October 2000. After the conference, China cancelled RMB10.9 billion of debts for 31 heavily indebted poor countries or least developed countries in Africa.

 

 

 

Last modified on Wednesday, 21 October 2015 14:19

Most Popular

Three stocks to boost your portfolio in 2020

Jan 22, 2020
Dr Adrian Saville CEO Cannon Asset Managers
After enduring a trying decade under the mismanagement and malfeasance of Jacob Zuma,…

Balwin Properties announces R9 billion Munyaka Crystal Lagoon development in Waterfall, Midrand

Feb 06, 2020
Munyaka Crystal Lagoon
JSE listed Balwin Properties, a developer that cares about environmentally responsible…

2020 Commercial Property Themes –Electricity supply and cost will be a key wildcard for the Commercial Property Sector this year

Jan 23, 2020
John LoosFNB
Will electricity supply reliability and cost increases become a key issue again in 2020?

Nedbank’s facilitation of the Barloworld-Khula Sizwe transaction highlights the bank’s commitment to transformation in the commercial property sector

Jan 24, 2020
Nedbank Barloworld Khula Sizwe
Nedbank’s facilitation of the Barloworld-Khula Sizwe transaction highlights the bank’s…

All the insurance you need as a homeowner

Jan 23, 2020
Carl Coetzee CEO of BetterBond
As a new home-owner, you are going to need three types of insurance – at least one of…

Please publish modules in offcanvas position.