CHINA BECOMES LARGEST FOREIGN INVESTOR IN AFRICA

LUANDA, Chinese investment in Africa has dramatically increased, making the Asian country the largest contributor to foreign direct investment (FDI) capital and jobs in Africa in 2016, according to the latest Africa Attractiveness Report released by international professional services company Ernst & Young.

Since 2005, China has invested in 293 FDI projects in Africa with a total investment of 66.4 billion US dollars, creating 130,750 jobs, according to the report received here Thursday.

China's FDI in Africa is well diversified across sectors, covering resource-oriented as well as the service and manufacturing sectors, the report said.

Data released by London-based Ernst & Young also show the diversification of Chinese investment in more countries, covering resource-rich nations such as South Africa, Nigeria and Angola, and agricultural exporters such as Kenya.

In 2016, the number of jobs created by Chinese FDI projects hit a record high, more than doubling the number in 2015 and more than three times the number of jobs created by the second largest investor, the United States, according to the report.

In 2016, China's exports to Africa reached 82.9 billion USD, while Chinese imports from the continent totalled 54.3 billion USD.

Source: NAM NEWS NETWORK

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