On November 7, 2009, the 3rd Conference of Chinese and African Entrepreneurs opened in Sharm el Sheikh, Egypt. Chinese Premier of the State Council Wen Jiabao and Egyptian Prime Minister Ahmed Nazif as well as nearly 1,000 personnel from the business communities of China and African countries attended the conference.

Addressing the conference, Wen said that China-Africa trade and economic cooperation has already achieved numerous results with the joint efforts of both sides. The bilateral trade has grown by a big margin, investment cooperation developed vigorously and engineering cooperation shown clear results. China's assistance to Africa is deeply rooted in the hearts of the people. Facts show that the traditional friendship between China and Africa is unbreakable and the bilateral trade and economic cooperation is mutually beneficial. We are both good friends sharing weal and woe and good partners complementing each other with advantages.

He noted that both China and Africa stand at a critical stage of development. The two sides share ever expanding common interest and need each other more than ever before. China-Africa cooperation enjoys great potential and promising prospects. We should continue to follow the principles of "equality and mutual benefit, efficiency, diversity and common development" to broaden and enhance China-Africa trade and economic relations.

He raised the following proposals on reinforcing China-Africa trade and economic cooperation:

First, expand bilateral trade. China is willing to further open market to African products, gradually grant duty-free treatment to the majority of goods of the least developed African countries, encourage Chinese enterprises to import African goods and strengthen cooperation in the fields of finance, telecommunications and tourism.

Second, strengthen investment cooperation. China will continue to support those competitive and reputable Chinese companies to invest in African countries, actively push forward the construction of China-Africa trade and economic cooperation zone and speed up the joint development of resources. China will provide more interest-free loans, concessionary loans and commercial loans for African countries and expand the China-Africa Development Fund step by step. China will also guide the Chinese enterprises to assume more social responsibilities.

Third, raise assistance efficiency. China will, within its own capacity, escalate assistance to Africa and at the same time pay greater attention to optimizing the structure of foreign assistance projects with greater focus on the fields related with people's livelihood in order to help the African countries to realize the United Nations Millennium Development Goals at the earliest date possible. China will attach greater importance to non-technology transfer and help Africa train more technical and managerial professionals so as to enhance the self-development capacity of the continent.

Fourth, promote business exchanges and cooperation. China-Africa trade and economic cooperation should be conducted under government guidance. Companies should be the main players of cooperation and play by market rules. China expects to build more effective platforms for the exchanges and cooperation between businesses of both sides.

He finally pointed out that to develop the mutually beneficial and win-win China-Africa trade and economic relations serves the common aspiration of both the Chinese and African people and is beneficial to world peace and common development. It's hoped that entrepreneurs of China and Africa will seize opportunities, face up to difficulties and lift the bilateral trade and economic cooperation to a higher level from a far-reaching point of view.

Nazif said that China is an important partner of Africa. African countries thank China for its support for and help to Africa over the years and think highly of the 8 measures of supporting Africa's development China announced at the Beijing Summit of China-Africa Cooperation Forum and the all-round implementation of the measures. They expect to deepen the friendship and cooperation with China. Under the background of current international financial crisis, to strengthen cooperation between businesses of both sides is of great significance, which will not only inject vigor into their economic development respectively but also lay down a solid foundation for the long-term development of China-Africa relations. African countries welcome investment from China for which they are willing to create favorable conditions.

The Conference of Chinese and African Entrepreneurs is co-hosted by China Council for the Promotion of International Trade and African chamber of commerce, industry, agriculture and service.