China has significantly increased its investment in Africa, making the Asian giant a leading contributor to Foreign Direct Investment (FDI) capital and jobs in Africa in 2016.
According to the latest Africa Attractiveness report, released by Ernst & Young (EY), since 2005, China has invested in 293 FDI projects in Africa with a total investment of US $ 66.4 billion, creating 130,750 jobs.
China’s FDI in Africa is well diversified across sectors, covering resource-oriented as well as service and manufacturing sectors, the report said.
Data released by EY, a London-based professional services company, also show the diversification of Chinese investment in more countries, covering resource-rich nations such as South Africa, Nigeria and Angola, and agricultural exporters such as Kenya.
In 2016, the number of jobs created by Chinese FDI projects hit a record high, more than doubling the number in 2015 and more than three times the number of jobs created by the second largest investor, the United States, according to the report.
In 2016, China’s exports to Africa reached $ 82.9 billion, while Chinese imports from the mainland were $ 54.3 billion.