International Trade Centre seeks to enhance Chinese investment in AfricaDevdiscourse News Desk | Nairobi | Updated: 15-05-2019 02:03 IST | Created: 15-05-2019 02:03 IST
An official with the International Trade Centre revealed on May 14 that the agency looks forward to boost Chinese investments in overall Africa.
Hellen Rintari, national coordinator of International Trade Centre's Partnership for Investment and Growth in Africa, told Xinhua in Kenya's capital, Nairobi that China can play a significant role in boosting economic development and employment creation in Africa.
"We are working together with other partners to accelerate Chinese foreign direct investment into Kenya, Mozambique, Ethiopia and Zambia," Rintari said during a media briefing on the upcoming China Trade Week Kenya, Xinhua noted.
Rintari said that the four African nations were selected because they have a large Chinese business community already present in the respective countries. "They also have a business environment that is conducive to both domestic and foreign investments," the national coordinator said.
She noted that Chinese investments will be directed towards agro-processing and manufacturing sectors. "We want to spur value addition in the agricultural sector in order to help expand Africa's industrial base," she said. She added that most African countries export raw materials and import finished goods and this denies the African region income from value addition.
International Trade Centre (ITC), a multilateral agency that has a joint mandate with the World Trade Organization and the United Nations through the United Nations Conference on Trade and Development, is also promoting African investments and exports into the Chinese market. Rintari said that Africa needs to diversify both its source of investments as well as export destinations for its products, as reported by Xinhua.
She noted that ITC will also catalyze the creation of joint ventures between African and Chinese companies.
"These will in the long run enhance technology transfer into Africa," she added.