China And World Bank In Talks To Establish Industrial Zones In Africa |
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December 4, 2009
The World Bank and Beijing are in discussions about setting up low-cost factories in industrial zones in Africa to help the continent develop a manufacturing base and reverse its declining share of global trade.
The World Bank and Beijing are in discussions about setting up low-cost factories in industrial zones in Africa to help the continent develop a manufacturing base and reverse its declining share of global trade.
Robert Zoellick, the president of the World Bank, said Beijing had shown "strong interest" in the proposals.
"There is not only willingness but strong interest among some in China and I've discussed with the minister of commerce, Chen Deming, that there may be possibilities of moving some of the lower-value manufacturing facilities to sub-Saharan Africa, toys or footwear," Mr Zoellick told the Financial Times in an interview. Chinese officials have been debating proposals to use the country's vast foreign exchange reserves to stimulate demand in developing countries - ideas sometimes referred to as 'China's Marshall Plan'.
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