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China says trade with Sierra Leone to hit $2 billion
http://www.ecns.cn/business/2014/01-28/99150.shtml
Jan 28th 2014, 08:05
2014-01-28 17:05 Xinhua Web Editor: qindexing
China expects its trade with Sierra Leone to hit a record 2 billion U. S. dollars this year, according to the Chinese Embassy in the West African country.
Trade will rise by 33 percent from about 1.5 billion dollars in 2013, when the first nine months totaled 1.18 billion dollars, the China Embassy said in the information provided for media at the weekend.
China's rising consumption of the commodity benefits producing countries such as Sierra Leone, which expects its economy to expand more than twice as fast as the average in sub-Saharan Africa this year.
Reports show that the West African country began shipping iron ore in 2011 following the development of the Tonkolili and Marampa mines. In the northern region of the country, its iron-ore riches have lured Chinese companies including Shandong iron & Steel Group Co., which has a 25 percent stake in Sierra Leone's biggest Iron Ore producer, African Mineral, ltd.
Investors in the country have to contend with an unreliable power supply which can disrupt operations. To improve electricity production and distribution, Chinese businesses are studying investing in generation projects, according to the Chinese Embassy.
Chinese companies could help expand the Bumbuna hydropower project, 80 km (50 miles) north of the capital Freetown, an embassy official said.
China is already building three small hydro power dams as a gift to the government.
China displaced South Africa as Sierra Leone's biggest partner in 2011 as it increased investments in the mining industry, according to data compiled by Bloomberg.
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