Business

China says no direct investment in Libya


Beijing, Aug 27 (IANS) China does not have direct investment in Libya. It only has contract projects, an official has said.

Shen Danyang, spokesman of the ministry of commerce, said reports on China suffering losses in Libya were "inaccurate", the China Daily reported.

"Any government in any county will consider the market demands and the economy benefits. Chinese enterprises have competitiveness around the world in trade and investment," he said when asked about the investment prospects of China's crude oil firms in Libya.

Shen expressed hope to see Libya return to a stable condition, and to further cooperate in business and trade with the country.

China, along with the global community, will contribute actively to Libya's rehabilitation, he said.

The department of West Asia and Africa under the ministry of commerce has said there were 26 Chinese enterprises involved in businesses in Libya. Their businesses - valued at more than $20 billion - were in property, railway, crude oil and telecommunications.

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