East African Business Week (Kampala)

7 September 2009

Arusha - China has finalized plans to double its assistance to African countries and increase trade with Africa targeted to reach US$100 billion by 2010.

This was revealed by the Chinese ambassador to Tanzania, H.E. Liu Xinsheng while meeting East African Community Secretary General, Amb. Juma Mwapachu last week.

The Chinese envoy also informed Amb. Mwapachu that China was to offer 15,000 scholarships to young Africans to study in China in various disciplines in the next three years.

He said China had signed bilateral trade agreements with over 40 African countries and Bilateral Agreement to Encourage and Protect Investment with 23 African countries, as well as Agreement on Avoiding Double Taxation with eight African countries.

Amb. Liu Xinsheng further disclosed that China had written off a total of 10.9 billion yuan of debt among 31 African countries as well as provided duty-free treatment in 190 items of export commodities.

Ambassador Liu Xinsheng described EAC as the most peaceful region he had visited and lived on the African continent and had the potential to be one of the most developed regions on the continent.