Yicai Global) April 17 -- China maintained its position as Africa's largest trading partner last year, with bilateral trade totaling USD149.1 billion, according to the chairman of the China Council for the Promotion of International Trade.
China and Africa have a long tradition of fraternity based on integrity and mutual respect, Jiang Zengwei said at China-Sao Tome and Principe Investment Promotion Conference held in Beijing on April 14. Bilateral economic and trade cooperation has continued to deepen over the years, he said.
China's direct investment in African countries reached USD3.2 billion in 2016, covering a wide mix of projects in industries ranging from construction, manufacturing, services and mining to agriculture and infrastructure. Collaboration between China and Africa sets an excellent example of South-South cooperation, effectively boosting win-win development for both sides, Jiang said.
Sao Tome and Principe is ideally located and boasts strong tourism, fishery and oil resources, he added. In recent years, the Sao Tome government introduced its Development Agenda 2030 to develop the domestic economy and improve people's livelihoods. As the world's second-largest economy, China has ample funding as well as a fully developed industrial structure and advanced technology and equipment to contribute to the socioeconomic development of the country.