China remained Africa’s biggest trading partner as bilateral economic relations boomed, said Jiang Zengwei, head of the China Council for the Promotion of International Trade.
Bilateral trade between China and Africa reached $149.1 billion in 2016, Jiang said at a meeting on investment opportunities between China and Sao Tome and Principe in Beijing on Friday.
While trade relations between China and Africa had been growing rapidly, investment ties have also prospered, with Chinese companies investing $3.2 billion in the continent in 2016, said Jiang.
Investment by Chinese firms, mainly in manufacturing, services, mining, agriculture and infrastructure, has brought about benefits and development for both Africa and China, he said.
As for Sao Tome and Principe, Jiang said China, the world’s second largest economy, is equipped with funding, an industrial system and advanced technology to contribute to the development of the African country. Sao Tome and Principe Prime Minister Patrice Trovoada is on his first official visit to China.
Author: Staff Writer