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China-Africa Trade Information Service
Photo from Xian Ji China
According to data from the Chinese Ministry of Commerce,Chinese private companies invested more than US$60 billion in Africa. In the past 20 years, China has become the largest economic partner of Africa. Privately-owned Chinese companies are making more than 150 investments a year in the manufacturing sector in Africa, up from only two in 2000.
China-Africa Private Sector Cooperation Summit was held at the Hangzhou International Expo Center on Thursday.
The event, co-hosted by the All-China Federation of Industry and Commerce and the Zhejiang provincial government, is a platform for collective dialogue for pragmatic cooperation of private businesses between China and Africa. It attracted over 300 delegates from governments, private enterprises and research institutes.
Thursday's forum witnessed the signing of nine deals between Chinese and African businesses.
For example, a memorandum of understanding was signed between Chinese e-commerce giant Alibaba, Ethiopian Airlines and Shanghai-based Megacap Aviation Service Group.
Deals were also signed for a Chinese-invested stone production and processing plant in Namibia and a cashmere factory in Madagascar by Inner Mongolia-based King Deer Cashmere Co Ltd.
Macky Sall, president of Senegal, said private sector investment in Senegal had contributed to the country's economic vigor, promoting economic exchanges and creating more local jobs.He vowed to further simplify investment procedures for the private sector in China and encouraged Chinese firms in the basic infrastructure sector to actively manage their investment projects in Africa.