Cape Town, South Africa, 14 June 2007 – Li Zhaoxing, who recently stepped down as Foreign Minister of the People's Republic of China, today said the relationship with Africa remains a priority for China and he expressed hope that it would go from strength to strength. The close partnership between the regions would allow both to better address the challenges of globalization, he said.

Trade between China and Africa has trebled in the past five years and more than 800 Chinese companies have set up on the continent, Li said. China continues to help African countries improve the living standards of African people and is working jointly with the continent to create a climate of greater peace and prosperity.

The Minister was addressing a plenary session at the World Economic Forum on Africa taking place in Cape Town until 15 June. Eight hundred participants from 42 countries are taking part in the meeting, which focuses on building capacity for success under the theme "Raising the Bar".

South Africa's Trade and Industry Minister, Mandisi Mpahlwa, said China has set its sights on doubling its GDP by 2020, something that will only benefit any African country looking for opportunities in trade and investment. But he cautioned that Africans should not expect China or India to create the opportunities for them and they need to structure their relationships in a way that allows them to benefit.

India's Minister of Science and Technology and Earth Sciences, Kapil Sibal, said Africans need to consider how they could best use the bilateral arrangements they have with India and China to empower themselves.

India had been fearful of opening its markets to Chinese goods, he said, and when it did, the flow of Chinese goods has become a "tsunami". But Indian companies have survived by moving higher up the value chain, rather than taking on China.

World Economic Forum on Africa Co-Chair Tokyo Sexwale, Executive Chairman of Mvelaphanda Holdings, a South African business conglomerate, said business could only stand to benefit strategically from political and economic relations and other forms of cooperation evolving with two such large countries. But he cautioned that companies from any country that come into Africa need to adhere to good corporate governance principles to ensure maximum benefits from the relationship for all parties.

Besides Sexwale, the Co-Chairs of the World Economic Forum on Africa are: Cynthia Carroll, Chief Executive, Anglo American, United Kingdom; Li Ruogu, Chairman and President, Export-Import Bank of China, People's Republic of China; and Malvinder M. Singh, Chief Executive Officer and Managing Director, Ranbaxy Laboratories, India.

CNBC Africa is the host broadcaster of the World Economic Forum on Africa.

The World Economic Forum is an independent international organization committed to improving the state of the world by engaging leaders in partnerships to shape global, regional and industry agendas. Incorporated as a foundation in 1971, and based in Geneva, Switzerland, the World Economic Forum is impartial and not-for-profit; it is tied to no political, partisan or national interests.