China Concludes Zero Tariff Plan for African Imports

By April 28, 2017 Investment News

The Chinese government has set zero tariffs for imported products from the African continent,  saying that Nigeria and other African countries will in addition,  benefit from the several other poverty alleviation programs.

This was disclosed by China’s Deputy Director General, Department of Africa Affairs, in the Ministry of Finance, Ambassador Dai Bing, yesterday.

Dai said that in its intensive development programme for the African continent, “China’s opening of the door is just the beginning for African countries., adding that,  “We started with four provinces: Shantou; Chenzhen; Xiamen and Zhuhai.

“If it succeeds, it can expand to other areas but, if it doesn’t, the negative effect can be curtailed and we have chosen some African countries for industrial cooperation: Nigeria; Congo-Brazzaville, Ethiopia and others.

“If it succeeds, we will expand but, again, if it fails, it will be limited to that specific area because China is still a developing country.”

He also spoke of The Green Cooperation for China and Africa.

“There’s always pollution in Beijing. Three days ago, there was pollution in Beijing but, it was quickly contained. Every time we visit Africa, we like your green mountains and clean water. We don’t want to bring pollution to Africa…”

Dai added that China already has a 10 Action-Plan for and with Africa.

They are: Industrialisation; agriculture modernisation; infrastructure:; financial services; development; trade and investment facilities (which will centre mostly on promotion of African trade in China); poverty alleviation (Dai made reference to China’s poverty alleviation programme, which he said has already taken 730 million people out of poverty, with only 50 poor people remaining. He also added that China hopes to get rid of poverty in five years and hopes to share its experience in poverty alleviation with Nigeria); Public health (in this regard, Dai said China has good medication for malaria eradication, which Nigeria can benefit from) and lastly, peace and security.”

With regards to the Forum of China and Africa Cooperation (FOCAC), the deputy director-general added that the 10 action plan is closely linked with Africa’s 2063 development agenda which the country has already keyed into. This, he said, was agreed at a summit in Johannesburg, South Africa, in 2015.

“At the summit, our President announced the 10 point agenda mission plan between China and Africa. And this 10 point cooperation plan has closed relations with your agenda 2063. Frankly speaking, I am one of the main….. of the 2063 agenda. “We have started deeply on the 2063 agenda. We know the priority and the directions of the African continent.”

“So, in our cooperation plan, the priority is industralisation and agriculture and these are also the priority of the African continent. And, the Chinese government also promised $ 60 billion, as supporting fund, for our cooperation. I have to say that this $60 billion funding support is not only the cash. So, in this $60 billion,  only $5 billion is used for no -interest loans; or $8 billion for the next three years.

“They are based on an all -beneficial principle, to help African countries promote their living standards and capability-building.  And, the other $35 billion is a beneficial loan…with $20 billion as capital. All the money will be invested in programmes and they will be based on profits and sustainable development of many years of improvement of infrastructure and assistance in Africa; to help improve their business environment…

“The aim of this cooperation is the social and economic efficiency of the project and the sustainability of the project. That is the long term of our cooperation and we are here to learn two principles; the first principle is that any country which wishes to absorb any foreign investment must have sound funds and complete laws and regulations and fair environment for law enforcement which would ensure that investors feel safe.

“It must have beneficial/proficient policies to ensure investors feel pleased to make profit. It must have light efficient and practical one-stop government services to make investors feel comfortable…”

Source: Nigeria Today