China and the UN Development Program signed a project paper in Beijing on Wednesday to set up the China-Africa Business Council (CABC).

The council will be a joint program to further boost Sino-African trade and cooperation, especially in the private sector. It is believed to be the first Public-Private Partnership initiative between China and Africa under the South-South Cooperation Framework, said Khalid Malik, UN Resident Coordinator in China.

He said at the signing ceremony that China has been the anchor for South-South cooperation and its government is committed to upgrading its ties with Africa politically and economically. China is striving to find new ways to boost bilateral trade and investment links.

There exists a huge potential for increased trade and investment between China and Africa, Malik said, noting that the economic cooperation with African countries impacts on their capacity building and skills development, and promotes the role of the private sector as a key player in contributing to growth in trade, investment and national development,

Malik cited the project as a key initiative to help strengthen economic links through promotion of Public Private Partnerships and said it will form a new mechanism to facilitate information sharing and access, thereby deepening Sino-Africa trade and investment in a concrete way.

According to the project, the CABC will provide practical support to the private sector to help conduct trade and investment activities in Cameroon, Ghana, Mozambique, Nigeria, South Africa and Tanzania. The project will also establish a network of key players across the China-Africa business spectrum.

(Xinhua News Agency November 18, 2004)