Sierra Leone News: Salone-China trade surpasses $3 billion

Business

The volume of trade between Sierra Leone and China reached $3.6 billion at the end of 2014, making the Asian country the single biggest trading partner with the Sierra Leone. “Our economic and trade co-operation has achieved gratifying results, trade volume has surged from less than $100 million in 2000 to $3.6 billion in 2014,” Xinhua news reported. Sierra Leone’s exports to China have also increased significantly, rising to more then 80 per cent, against the backdrop of decrease in total international trade. The country’s exports to China hit $1.1 billion, a historical high. This year marks Sino-Sierra Leone 44th anniversary of the establishment of diplomatic relations, and the trade between the two have steadily increase especially the last five years when Sierra Leone started producing Iron Ore . All the indicators of China-Sierra Leone cooperation are ranking high in China- Africa cooperation. “The achievements of both country’s co-operation have not grown overnight; it is jointly cultivated and nurtured through mutual political trust, says Xinhua news. Sierra Leone is facing serious economic crisis in its history due to the ebola virus, registering a high challenge in its budget and rising public debt. The precarious economic situation, amplified by erratic power supply, forced the government to turn to the international community for financial assistance. Despite the country’s wobbling economy, Chinese enterprises say they still have confidence in the economy, while China has also urged its companies to invest more in the country. In recent years, Sierra Leone’s economy encountered some difficulties, while most of the foreign investors are pessimistic about the economy and decrease investment due to the ebola, Chinese enterprises still have confidence in Sierra Leone’s market,” the Chinese embassy said. “The Chinese government encourages Chinese companies to invest in fields such as energy, aviation, manufacturing and agriculture.” China’s non-financial direct investment in Sierra Leone is over $80 million in 2014, despite the ebola. China is willing to keep close policy dialogue, improve co-operation mechanisms, exchange governance experiences and properly solve the existing problems through consultation and co-operation with Sierra Leone.. Thursday July 09, 2015

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