Shanghai : China''s economic powerhouse city, Shanghai, is looking
to stabilize its import and export with African countries and at the same time
expands cooperation, according to officials of the municipality''s commission of
commerce. Existing statistics of trade and commerce between the continent and
China''s largest economic center show progress. Imports to 27 African countries
including Liberia have increased by 3.25% over the last 10 months.
This is about US$46 billion, which exceeds the international average of the
city''s foreign trade, the officials said during a news conference with African
journalists in the city on November 20.Shanghai''s exports to these 27 countries
including Liberia, Nigeria, Ghana, Sierra Leone, Senegal, Ivory Coast, South
Africa, Egypt, Ethiopia, Kenya, and Tanzania include textile, ships, automobile
parts and steel products amongst others.The rest of the 27 countries are: Mozambique, The Gambia, Gabon, Malawi, Togo,
Rwanda, Mauritania, South Sudan, Sudan, Congo Republic, DR Congo, Cameroun,
Mauritius, Botswana, Burundi and Uganda.Meanwhile, in 2016, raw materials
imported from the 27 African countries including iron ore, diamonds and cooper
showed impressive figures, the commission''s data shows.
Cooper amounted for 3.4
billion Yuan (about US$514 million); gold products, 2.78 billion Yuan (about
US$420 million); Iron ore, 1.78 billion Yuan (about US$269 billion); and
diamond amounted for over one billion Yuan (about US$150 million).Feng Meng of the foreign economy department at Shanghai''s commerce commission
says trade with the 27 African nations has doubled over the past few years.He
said the city''s exports to the continent have grown "more rapidly"
than imports, but they are looking to keep it balanced."So we want to
stabilize it; we want to stabilize import and exports more," he said."The
city is planning to hold an international trade expo in November 2018 to
enhance more international trade cooperation, which would include Africa".Firms based in Shanghai have 79 investments in the 27 African countries
amounting for US$350 million, the commission says.Some of the investments
include wall and floor tiles manufacturing company in Ghana; a US$28.5 million
mining investment in Congo Republic, and a US$28 million steel manufacturing
company in Nigeria amongst others.
Source: Allafrica.com Friday, 24 November 2017