China says its committed to expanding its investments in Africa

China is committed to expanding its investment in Africa by further promoting corporate cooperation in various fields.

That is according to a Ministry of Commerce official  who was briefing the media in Beijing on Wednesday on its current state of investment on the continent.

"African countries have seen steady economic development in recent years, with the overall business environment continuing to improve and the willingness of Chinese firms to invest in the continent significantly growing,” said Shen Xiang, director of the West Asia and Africa Department in the ministry.

“Our data reveals that over the past five years, annual average direct investments from Chinese companies in Africa have consistently exceeded $3 billion, with investment projects spanning a wide range of sectors,” he said.

China focus has been primarily on the infrastructure, construction, and manufacturing sectors, but he said the “entities involved in China's investments in Africa have become increasingly varied".

Shen noted that the ministry will further enhance the investment by fostering cooperation, especially among small and medium-sized enterprises (SMEs).

"The ministry will encourage Chinese companies to coordinate the construction of various industrial parks, logistics facilities, power and energy projects tailored to the resource endowments and industrial development plans of African countries,” he said.

It will also promote the integrated development of investment and trade and promote the achievement of greater investment cooperation.

Shen added that the ministry will further enhance investments on the continent by fostering cooperation, especially among small and medium-sized enterprises.

It will also support cooperation between young entrepreneurs from both regions.