China and S Africa sign $6.5bn in deals

Nuclear energy regulators in South Africa and China have signed a technical cooperation agreement as Africa’s most industrialised economy presses forward with controversial plans to build eight new nuclear reactors.

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A Chinese company -- China World Business -- has teamed up with Tanzania’s young investors to assist local businessmen secure better deals in conducting trade between the two countries.

A new US-led Pacific trade pact that pointedly excludes China could see it lose influence and key export markets, but observers say the web of bilateral deals Beijing has forged is enough to maintain its global clout.

Most of the contracts into which African countries enter are unfair to the continent, the African Legal Support Facility director, Mr Stephen Karangizi, observed here yesterday.

With oil in Niger and Uganda, natural gas in Mozambique and Tanzania, iron ore in Guinea and Sierra Leone–African countries are increasingly finding rich new deposits of oil, gas, or minerals and just as quickly, attracting the courtship of international companies that are drawn to Africa’s new bonanza in extractives wealth.

President Barack Obama announced billions of dollars in investment for Africa on Tuesday, as the United States challenges China and Europe’s leading roles in the continent’s economic emergence.

Africa loses up to $60 billion (Sh132 trillion) annually to Illicit Financial Flows (IFF), the African Union (AU) Advisory Board on Corruption said at its 18th meeting which wound up at Duluti Hall at Arusha International Conference Centre yesterday.

>Mzumbe University (MU) in collaboration with a Chinese Linghan Group Company is set to initiate an exchange programme that will give the former’s students chance to frequently visit China for learning techniques used by the Asian country to revolutionise its economy.