China’s investments in Africa reach $875m by September 2009

China’s investments in Africa are growing very fast.

The Bloomberg news citing information on the website of the China Ministry of Commerce says China’s investment in Africa in the first nine months of 2009, excluding financial investments, rose 77.5% to $875 million.

According to the Ministry, in October China’s first-half investment in Africa rose 78.6% to $875 million.

China signed labor service contracts in Africa worth $33 billion in the first 10 months of the year, 2 percent more than the same period last year, and completed contracts with a value of $20.5 billion, 42.3 percent higher than a year earlier, the report said.

China signed labor service contracts in Africa worth $33 billion in the first 10 months of the year, 2 percent more than the same period last year, and completed contracts with a value of $20.5 billion, 42.3 percent higher than a year earlier, the report said.

Meanwhile, a report carried by ghanabusinessnews.com citing Law Info China quoting the country’s Ministry of Commerce put the first six months’ direct investment in Africa at $552 million. According to the report, the amount raises China’s direct investment in Africa to 81% from the same period in 2008.

By Emmanuel K. Dogbevi