The United Nations Conference on Trade and Development (UNCTAD), the United Nations Development Programme (UNDP) in China and the China-Africa Business Council (CABC) will create a partnership to promote Africa as a destination for Chinese investors.
 
The partnership was agreed at a joint meeting of the three organizations today in Beijing.

It will ensure awareness among Chinese businesses of the steps being taken by UNCTAD to help African countries review their investment policies and tackle impediments to foreign investors.

As a first step, CABC and UNDP will provide UNCTAD's Investment Guides for African countries to CABC's 200 council members and 16,000 members of China Society for Promotion of the Guangcai Program(one of the initiators of CABC). Executive summaries of the Guides have already been prepared in Mandarin and can be downloaded from CABC's website http://www.cabc.org.cn/news/2005-11-8/2005118174905.html The participation of Chinese businesses in a private-public investors' forum is also envisaged.
 
This partnership recognizes the increasingly important economic role that China is playing in Africa.
 
In 2004, Chinese investment to Africa amounted to USD900m of a total USD15bn to the continent.

By the end of 2005, it is estimated that China will have become Africa's third largest trading partner behind the US and France.
 
Chinese investment will also provide African countries with a vital source of capital, know-how and technology, contributing to the continent's economic development.
 
CABC is jointly founded by China Society for Promotion of the Guangcai Program (it has 16,000 members from private sectors), UNDP, Ministry of Commerce/ China International Center for Economic & Technical Exchanges. It
is a non-governmental organization for the promation of investment and trade between China and Africa. CABC now has 200 council members.
 
UNCTAD is part of the UN secretariat and promotes the development-friendly integration of developing countries into the world economy.UNDP is the UN's global development network and has a presence in 166 countries.