Beijing: The current global economic slowdown and shocks to supply chains have presented China and Africa with a crucial opportunity to scale up mutual cooperation and move it to a higher level, officials and experts say.
A shift in China-Africa investment cooperation toward higher-end industries, digitalisation, and green development is a vital step in facilitating the inclusive growth of both sides, they said.
They made the remarks at the Symposium on High-Quality Development of China-Africa Investment Cooperation on Monday.
It was jointly hosted by the China-Africa Development Fund and the Chinese Academy of International Trade and Economic Development in Beijing.
The complementary economic and industrial development profiles of China and Africa have formed a solid basis for their thriving cooperation, said Jing Ning, a senior official with the Commerce Ministry.
The synergistic pairing of China’s technologies, equipment and management expertise with Africa’s markets and human resources has been a key driving force behind the advancement of the continent’s industrialisation, technological innovation, and youth employment, Jing said.
China’s investments in Africa are not only growing in volume but are also strategically oriented toward ensuring that Africa becomes a global manufacturing hub, said Rahamtalla M. Osman.
He is the permanent representative of the African Union to China.
Africa’s green development potential, renewable-energy needs, youth population and emerging consumer markets, coupled with the opportunities presented by the African Continental Free Trade Area, have made it a promising investment destination, Osman said.
The Chinese government announced plans to facilitate at least 70 billion yuan or about US$98.3bil in investments by Chinese companies in Africa over the next three years during the Summit of the Forum on China-Africa Cooperation in Beijing in September. — China Daily/ANN
