China and the United Nations Development Program (UNDP) signed a project paper Wednesday in Beijing to set up the China-Africa Business Council (CABC).

The CABC will be a joint program the two sides would use to further boost Sino-African trade cooperation especially in private sectors. And it is believed to be the first Public-Private Partnership initiative between China and Africa under the South-South Cooperation Framework, said Khalid Malik, UN Resident Coordinator in China.

He said at the signing ceremony that China has been the anchor for South-South cooperation and its government is committed to upgrading China's ties with Africa politically and economically. China is striving to find new ways to boost bilateral trade and investment links.

There exists a huge potential for increased trade and investment between China and Africa, Malik said, noting that the economic cooperation between China and Africa impacts African countries in the development of capacity building and skills development, and promotes the role of the private sector as a key player in contributing to growth in trade, investment and national development,

Malik cited the project as a key initiative to help strengthen China Africa economic link through promotion of Public Private Partnerships and said it will become a new economic mechanism to help facilitate information sharing and access, thereby deepening the Sino-Africa trade and investment in a concrete way, Malik acknowledged.

According to the project, the CABC will provide practical support to the private sector to help conduct trade and investment activities in Cameroon, Ghana, Mozambique, Nigeria, South Africa, and Tanzania. The project will also establish a network of linkages with a wide variety of players both nationally and internally across the China-Africa business spectrum.