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China-Africa partnership to expand for mutual growth, development

30 April 2010 00:24 (UTC +04:00)

Baku-APA. Despite the global economic crisis, Chinese financial commitment to Africa has steadily increased through infrastructure development, government funding programs, merger and acquisition activity and the purchase of natural resources as both sides vow to expand the new strategic partnership for mutual growth and development, APA reports quoting news.xinhuanet.com website.

"China has really played an important role in the future of Africa’s growth as the partnership in the past few years continues to grow. China is one of the emerging markets with South Africa and Brazil," Katherine Tweedie, Director, Head of Africa, World Economic Forum told Xinhua at the press conference ahead of the upcoming 20th World Economic Forum on Africa to be held in Dar es Salaam on May 5 to May 7.

Tweedie said that the World Economic Forum also has close links with China as the Forum holds its annual meeting in China, known as Summer Davos Forum in Dalian, the port city on China’s east coast.

Furthermore, China’s Industrial and Commercial Bank of China, China’s largest bank, also has stakes in the Standard Bank of South Africa, she added.

On China-Africa new strategic partnership, Tweedie noted that it’s not about the so-called resources exploitation, but mutual-benefit for both the Chinese and African governments from infrastructure partnership and financial investment.

She also expressed the hope that the partnership between African countries and China would develope into a new era of alignment with new initiatives for mutual growth and development.

Answering questions from Xinhua, Peniel Lyimo, Permanent Secretary in Tanzanian Prime Minister’s Office, said that his country has definitely benefited from the long-standing friendship with China, looking forward to further expansion for the mutual-benefit coopertion with China, which is a very important economy with growth and market.

"Strategically, you know, partnership brings investment, which is definitely of importance to this country," he noted.

He also noted that Tanzania would like to showcase agriculture in the 20th World Economic Forum on Africa, wooing investment for the sector, which is concerned with food security not only in Tanzania but also in the region.

Tanzania has the potential to produce food not only for domestic demand but also for the regional need, the Tanzanian official added.

In one interactive session titled "China-Africa: Defining a Partnership for Growth" on May 6, the second day of the Forum meeting, participants will tackle on how interests with China can best be aligned in the development of a roadmap for mutual growth and development as Africa positions its economies within a changing competitive landscape, according to the Forum program schedule.

Under the theme "Rethinking Africa’s Growth Strategy", the 20th World Economic Forum on Africa would focus on how leaders are rising to the challenge and using the economic crisis as an opportunity to redesign a sustainable roadmap for Africa’s future within the new global economy.

Nearly 1,000 participants from 85 countries will participate in the Forum with 11 African heads of state/government including Jacob G. Zuma, President of South Africa and Raila Amolo Odinga, Prime Minister of Kenya, will take part in the Forum.

Other honored guests include Mizengo Kayanza Peter Pinda, Prime Minister of Tanzania; Ali Mohammed Shein, Vice-President of Tanzania; Donald Kaberuka, President of the African Development Bank (AfDB), Tunis; Pascal Lamy, Director-General, World Trade Organisation (WTO), Geneva, Obiageli Katryn Ezekwesili, Vice-President, Africa Region, World Bank, Washington DC, and Asha-Rose Migiro, UN Deputy Secretary-General, New York.