Channelnewsasia.com
Tuesday, December 02, 2008
   
 
  blogs  
 
yournews
   
Mumbai Attacks
Video Finance Features Weather Travel Discussion TV Shows
CNA Live    | About Us 
 
  Home ›
 
Business News

 
 

Chinese president signs multi-million deals with Cameroon
Posted: 01 February 2007 0213 hrs

 
 
Photos  of

   
 
Related News
China's president arrives in Cameroon
China's Hu heads to Africa with packed agenda
China's Hu heads to Africa unbowed over Sudan controversy

YAOUNDE : Chinese President Hu Jintao began a 12-day tour of Africa, his third since coming to power in 2003, stepping up China's campaign to win a larger share of Africa's oil and energy resources.

Hu launched the eight-nation trip by approving grants and loans to Cameroon worth more than US$54 million (41.5 million euros), the west African country's national radio reported.

The deals - for financial and infrastructure projects - were signed by Hu and his Cameroonian counterpart, Paul Biya, at a ceremony at the presidential palace in Yaounde, where Biya urged China to invest in his country's natural resources and increase quotas for imports of Cameroonian basic commodities.

Hu's tour reflects China's strong economic interest in Africa, where it wants raw materials and energy reserves to fuel its roaring economic growth.

But Beijing's policy towards Africa has drawn concern in the West due to its close links with hardline regimes in countries such as Sudan and Zimbabwe and its willingness to ignore politics.

Cameroon, Hu's first stop, is ranked as one of the most corrupt countries in the world by anti-graft organisation Transparency International.

On Wednesday, Hu and Biya signed agreements for two loans to Cameroon worth 30 and 40 million yuans (US$3.86 and US$5.15 million) covering economic and technical projects, and a preferential loan of 350 million yuans (US$45 million) to finance a telecommunications scheme.

They also signed a draft agreement on scrapping Cameroon's debt to China, whose amount was not revealed, and a series of health and educational accords, Cameroon national radio said.

Beijing is to build a mother and child hospital in Cameroon's economic hub, Douala, as well as two rural schools, and will supply medical equipment to a hospital in the capital, Yaounde.

After the ceremony, attended by large Chinese and Cameroonian delegations, Biya announced that talks with the Chinese were under way for further schemes to provide drinking water and build cheap housing.

He urged Chinese companies to invest in Cameroon's hydrocarbon, mineral and timber sectors and asked Beijing to increase its quotas for imports of coffee, cotton, cocoa, bananas and other Cameroonian commodities "to balance the flow of trade", the radio said.

China's trade with Cameroon was worth US$338 million in 2006 - double its value in 2005 - Beijing's ambassador to Yaounde, Wang Sifa, recently told government newspaper Cameroon Tribune.

Later on Wednesday, Hu, who is visiting Cameroon for the first time, was to visit a Chinese-funded hospital and a sports complex being built by a Chinese firm, before attending a gala dinner in his honour.

The Chinese president is due to leave on Thursday for Liberia and then travel on to Sudan, Zambia, Namibia, South Africa, Mozambique and the Seychelles.

Rights groups hope Hu will use his visit to Sudan, where China is pumping substantial quantities of oil, to back international calls for an end to the civil war in the Darfur region, a conflict the United States has called genocide.

Beijing, by far the biggest foreign economic investor in Sudan, is thought to be in a position to persuade Khartoum to accept UN peacekeepers in Darfur and hopes are high that China will flex its diplomatic muscle in order to burnish its international image.

Chinese officials visiting Sudan had until recently said Beijing would pursue its economic interests on the continent without delving into politics.

But before Hu's tour, Deputy Foreign Minister Zhai Jun told journalists: "I believe this visit will not only boost bilateral ties but also peace and stability in this region."

However, the primary goal of Hu's trip is to foster even deeper economic ties with Africa.

Trade between the two sides reached US$55.5 billion last year, a more than five-fold increase from 2001, according to official Chinese figures. Prime Minister Wen Jiabao said last year he hoped Sino-African trade would reach US$100 billion by 2010.

China argues that its economic policies are helping to lift the continent out of poverty.

At a historic summit in November 2006 that brought leaders from 48 African nations to Beijing, Hu pledged to double aid to the continent and offer US$5 billion in loans and credits by 2009.

Beijing pledged on Monday to write off debts owed by 33 African countries to help fast-track the continent's development. - AFP/de

 

 



Other business News
After another sell-off, nations try again on credit crunch
Japan announces new measures to ease tight credit
Australian central bank slashes interest rates to 4.25%
Mumbai attacks not seen deterring foreign business, travel
Wall Street plunges as recession becomes reality
Official panel says US in recession since December 2007
Sweden to come to rescue of struggling carmakers Saab and Volvo
Bernanke says Fed's rate power "limited" but other tools available
US manufacturing hits 26-year low
Eurozone backs away from 200-billion-euro stimulus target
Aer Lingus rejects 748m-euro bid from Ryanair
India says economy in safe hands after attacks
German bank BayernLB unveils 5,600 job cuts, mainly in Asia
Schwarzenegger declares fiscal emergency in California
UN calls for 'massive' economic stimulus to temper global crisis
US Citigroup to buy Sacyr's Itinere highway operator
Ford mulls sale of Sweden-based Volvo Car
US dollar, yen profit from investor risk aversion
Oil prices dive after OPEC holds output unchanged
Blackstone teams up with India's CMS on IT services
Investors expected to be more cautious following Mumbai terror attacks
Survey of Chinese firms signals gloomy economic outlook
Malaysian economy expected to grow 5.5% in 2008
Bank of Japan to announce new credit steps
SKorean automakers cut production amid slow sales
Markets look to central banks for relief
Citigroup Philippines to grow workforce despite global job cuts

 


Advertisements

 
Affiliate Sites:
 
About Us  |  Contact Us  |  Advertise with Us  |  Terms & Conditions