US trade marks would be resume by Taiwan

China to give Africa dollor10 billion in loans

SHARM EL-SHEIKH: Chinese Prime Minister Wen Jiabao pledged to give African countries 10 billion dollars in concessional loans as a two-day Forum on China-Africa Cooperation opened in Egypt on Sunday.

"We will help Africa build up its financing capabilities... we will provide 10 billion US dollars for Africa in concessional loans," Wen said at the start of the forum in the Red Sea resort of Sharm el-Sheikh.
He also pledged to cancel debts of African countries to increase his country's role in the continent.
The Asian giant pledged 5.0 billion dollars in assistance at the last Forum on China-Africa Cooperation summit, held in Beijing in 2006, and has signed agreements to relieve or cancel the debt of 31 African countries.
"China is ready to deepen practical cooperation in Africa," Wen said, adding that China was prepared to take on a role in "the settlement of issues of peace and security."
He also said China would set up environmental programmes in the continent, including 100 clean energy projects.
Chinese firms have been pouring investments into oil and other raw materials in Africa to fuel the Asian country's booming economy.
Over the past five years, Chinese direct investment in Africa has soared, from 491 million dollars in 2003 to 7.8 billion dollars in 2008, according to official Chinese figures.
Total trade between China and Africa surpassed 100 billion dollars in 2008, a tenfold increase in eight years.
Booming trade ties have been accompanied by China also building schools, hospitals and clinics to fight malaria and offering scholarships for Africans to study in China.
But Beijing's growing economic role in the poverty-ridden continent has also been met with some scepticism and criticism.
China has been accused of throwing a lifeline to pariah regimes accused of massive human rights violations, such as the government of Sudan's President Omar al-Beshir, who is wanted for war crimes by the International Criminal Court.
Chinese officials say they follow a policy of non-interference in the domestic affairs of African countries, and deny that Chinese investments and loans come with strings attached.
"Africa is fully capable of solving its own problems, in an African way," Wen said in his speech.
"China has never attached any political strings... to assistance to Africa," he said, adding that trade is based on "win-win programmes... and transparency."

ndia PM invites world to invest in economy

NEW DELHI: India’s premier rolled out the welcome mat for foreign investors Sunday, promising to step up economic reforms to draw global funds and put the country on a high growth path.

Prime Minster Manmohan Singh, speaking to a blue-chip international economic summit, said policy would be guided by the desire to create "an investor friendly environment."
India had attracted foreign direct investment of more than 120 billion dollars since 2001-02 but more was needed to develop its vast economy, he told a World Economic Forum meeting in New Delhi.
"You are all welcome in our efforts," he told 600 delegates from around the world, adding that the government wanted to push through reforms to make the country more attractive for investment.
"We need to strengthen our financial system in various ways to make sure it can provide what is needed for our development," he said, promising to open up insurance and other financial sectors more aggressively to generate funds.
Since winning a decisive re-election victory in May, the Congress-led government has been able to pursue reforms blocked in the last parliament by communist opposition.
He said the government was aiming for 6.5 percent growth in this fiscal year to March 2010 despite the worst monsoon in nearly four decades that has hit agriculture, and he forecast "over seven percent" expansion next year.
"I am happy India has been able to face the global economic downturn better than most other countries in the world," he said.
"Our medium term objective is to achieve eight to nine percent growth."
Singh said "clearly the worst is behind" the global economy but he added the path to sustained recovery "will be long and somewhat uncertain."
This meant India would have to rely heavily on domestic demand to power its growth, he said.
Overhauling the country?s dilapidated infrastructure -- roads, airports, ports and other services -- would be key to keeping the economy on the recovery trail, he said.
He added it was vital to ensure growth was "inclusive" and improved the lives of the estimated 40 percent of the nearly 1.2 billion Indians who still live in extreme poverty.