Wei Jianguo, a former vice commerce minister, said in Beijing on May 28 that now is an ideal time for Chinese companies to invest in Africa.

Wei, secretary-general of the China Center for International Economic Exchanges (CCIEC) made the remarks at the 21CN China-Africa Investment and Cooperation Forum.

"China-Africa cooperation is a win-win partnership for which China long ago laid a solid foundation," he said, citing the economic aid that China has provided for African countries since 1950s.

Wei said China saw its trade volume with Africa increase from US$1 billion in 1992 to US$106.8 billion in 2008.

Now, against the backdrop of China's fast-expanding economy, the role of the private sector has grown rapidly. Chinese private companies are a major force in African market, Wei said.

Wei said 2,180 Chinese companies are engaged in 8,000 projects in Africa, mainly in infrastructure and agriculture. China is also involved in the new energy business, building solar power and wind power stations across the continent.

Liang Guining from the Chinese Academy of International Trade and Economic Cooperation said China's investment in Africa has grown by as much as 30 percent annually over the last few years, faster than in any other continent. Investment grew from US$1.59 billion in 2008 to US$5.4 billion in 2009.

Wei said that Africa has a large market and abundant natural resources and China can help the continent use its resources in a way beneficial to both sides.

Lu Shaye, director-general of Foreign Ministry's Department of African Affairs drew attention to Africa's growth potential. He said many African countries have achieved political stability and political tensions are easing in other parts of the continent. In the five years before the global financial crisis Africa's economy expanded by 5 percent annually. Last year, the growth rate was 4.6 percent, much better than expected.

But China is not the only country eyeing African markets, Wei said. Western countries have realized Africa's potential and are taking action. If China does not follow the trend, it will be left behind, Wei warned.

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