A chance to learn and grow

Hu Jieguo: vice-chairman of the China-Africa Business Council and president of West-Africa Golden Gate Group:

The fifth New York Forum Africa, being held in Libreville over three days from May 23, promises to have great significance for the continent and its relationship with China. The theme of the conference in the Gabonese capital is "Transformation of a continent", a message all the more significant following the recent four-nation trip to Africa of Chinese Premier Li Keqiang. That trip underlined China's role in the continent's development.

As Africa's economy has taken off in recent years, investment from around the world has poured in, attracted by the continent's human resources, vast land resources, agriculture, manufacturing, mineral and energy resources and opportunities to build infrastructure.

At the same time, China's rapidly growing economy has thrown up opportunities for its industries and investors to expand overseas. The presence of such Chinese businesses in Africa adds tremendous vigor to its industrial growth.

In the past, China's investment in Africa has compared poorly with that of developed countries, but that is fast changing as Africa becomes an important target of China's foreign direct investment.

Investment in Africa stands not only to eliminate some of the hurdles impeding China's continued economic success and to promote sustainable development of Chinas economy, but will also help African countries as they emerge from long-term economic stagnation and help them upgrade their industrial development.

Some Western countries have said China's investment in Africa amounts to neocolonialism, but there is no doubt that such investment benefits both sides immensely and strengthens the ties of brotherhood.

I hope that through this forum the world will learn more about China's African policy and that more Chinese enterprises will be encouraged to invest in Africa. I have no doubt that the continent's march to prosperity has only begun. I wish the conference every success.

Chen Lin: vice-chairman of China-Africa Business Council and chairman of Chuanbei Investment (Beijing) Co Ltd:

Through the joint efforts of both sides for many years, China has become Africa's largest trading partner, and Africa has become China's major source of imports, the second-largest overseas project contracting market and fourth-largest investment destination. In March last year President Xi Jinping visited Africa and announced new measures to support Africa's development, injecting strong impetus to the development of China-Africa economic and trade relations.

Trade between China and Africa was worth $210 billion last year, 19.3 percent higher than in the year before. China's direct investment to Africa rose to $2.52 billion, after average annual increases of 20.5 percent in recent years. China's investment in Africa has grown to $21.23 billion.

More than 2,000 Chinese enterprises have invested in Africa, and the scope of that investment keeps on expanding. The traditional areas of collaboration - agriculture, construction and mining - have now been joined by finance, industrial manufacturing, logistics, real estate, resource processing and trade.

The China-Africa Business Council was co-founded by the United Nations Development Programme, the Chinese Ministry of Commerce and the United Front Work Department of the Communist Party of China Central Committee. The council members and our contact Chinese enterprises that have business in Africa number more than 500. The council's member enterprises have trade and economic activities in 51 African countries, covering 94 percent of all African countries.

Over the years, the China-Africa Business Council has promoted China-African economic and trade exchanges and cooperation, and has had remarkable success in persuading Chinese enterprises to invest in Africa.

Chinese enterprises, especially private businesses, expect New York Forum Africa will continue to promote China-Africa economic and trade exchanges. The two sides can set up non-governmental economic and trade exchanges and groups under the forum.

I trust that through our joint efforts we can continue to improve the investment environment in Africa, enhance the friendship between China and Africa, and promote comprehensive collaboration that brings healthy and sustainable growth in economic and trade cooperation between the two.

(China Daily Africa Weekly 05/23/2014 page7)