Focus shifts from resources to infrastructure, manufacturing

Author: 

China Daily

Publication date: 

Friday, 13 April 2012

Type: 

  • Article

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Produced by ACUI

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The China-Africa Development Fund is shifting its investment strategy with the focus now on infrastructure, manufacturing and agriculture, after a capital injection of $2 billion, Hu Zhirong, vice-president of the fund, said. Besides energy and resources, the fund is looking at projects in "infrastructure, manufacturing, new energy and agriculture", to boost Africa's standard of living, he said in an interview. Direct investment last year by China into Africa surged by 59 percent, from a year earlier, to $1.7 billion. During the same period, the nation's overseas direct investment grew by 1.8 percent year-on-year to $60 billion, according to the Ministry of Commerce. "There is huge potential," as the region absorbs massive investment every year, Hu said.