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Chinese Seek Fortune in Africa

Posted Aug 17, 07 3:22 PM CDT in World,  Business,  Arts & Living 

(Newser) – A growing number of poor Chinese are flocking to Africa, hoping to cash in on the destitute continent’s infinite growth potential. China is building factories in eastern Africa, and trade between the two burgeoning economies ballooned to $55 billion last year. The eastern entrepreneurs are diving into every sector of the African market—from diamonds to ice cream—but oil is particularly piquing their interest.

The Chinese, inspired by a homeland thirsty for resources, are engaged in various projects throughout the continent, including building roads, railroads, health care clinics, and airports. But many Africans are greeting them warily, concerned that they're planning to take over local businesses and cut jobs.

Source International Herald Tribune

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China  • oil  • Africa  • World Bank  • trade  • Chad  • Tanzania  • Zambia  • mineral resources


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