BEIJING, June 13 (Itar-Tass) - The China-Africa Business Council (CABC) together with the China-Africa Development Fund (CADF) will set up two new investment funds with an aggregate amount of $2 billlion. The activities of those organizations will be aimed at supporting national investment projects in the fields of trade and the mining industry in Africa. Media here reported on Thursday that both organizations would be based in Beijing.
CABC chairman Zheng Yuewen said, "China looks for possibilities for operation in various fields in African continent territories and does not limit itself to infrastructure projects". "Africa is in need of industrial reforms that China went through three decades ago. This will enable countries in the continent to develop into major producers of goods and not only export resources," he pointed out. In so doing, Zheng Yuewen added that this initiatitve "will enable Chinese companies to transfer part of their production to the territory of Africa". The CABC chairman emphasized that more than 550 Chinese enterprises are based there.
According to the data of the Foreign Ministry of the People's Republic of China (PRC), goods turnover in the PRC's trade with African countries ran at $200 billion in 2012. Chinese investments in the economies of African countries amounted to over $17 billlion.