China wants to double trade with Africa

Chinese Prime Minister Li Keqiang and his Ethiopian counterpart Hailemariam Desalegn deliver a joint press statement during a treaty-signing ceremony at the presidential palace in Addis Ababa on May 4, 2014. Li arrived in Ethiopia for the start of a four-nation African tour, his first visit to the continent since assuming his position a little over a year ago. AFP PHOTO / ZACHARIAS ABUBEKER

By  AFP

What you need to know:

  • Shrugging off criticism from those who have at times criticised China’s role in Africa as exploitative, Li stressed that Beijing wanted an “equal” relationship.

ADDIS ABABA, Monday

Chinese Premier Li Keqiang praised Africa’s growing economic power Monday and Beijing’s “iron-clad” friendship with the continent, as he vowed to double trade to 400 billion dollars (290 billion euros) by 2020.

“It is one of the fastest growing regions in the world, and a bright spot in a gloomy global economy under the impact of the international financial crisis,” Li said in a keynote speech, adding that China aimed to increase direct investment to $100 billion by the end of the decade.

Also Read

He was speaking at the Chinese-built headquarters of the African Union (AU) in the Ethiopian capital Addis Ababa. Li, who arrived in Ethiopia on Sunday, is scheduled to also visit Nigeria, Angola and Kenya during the week-long trip.

POLITICAL INTERACTION

Shrugging off criticism from those who have at times criticised China’s role in Africa as exploitative, Li stressed that Beijing wanted an “equal” relationship.

“The world needs to heed what Africa has got to say, and Africa’s role needs to be respected by all parties,” Li added.

AU chairman, Ethiopian Prime Minister Hailemariam Desalegn, praised a “robust political interaction” between the continent and China, and said trade was “increasingly bringing our people closer to each other.”

“The trade exchange between Africa and China is at a record high of more than 200 billion dollars,” he said. China will take an active part in industrialisation in Africa,” Li added.

In the headlines