Two African experts expressed optimism about the upcoming Forum on China-Africa Cooperation (FOCAC) summit, believing it will open new avenues and opportunities for economic and trade cooperation between China and Africa to build on a track record of mutually beneficial outcomes.
These sentiments were shared after attending the launch ceremony of the 2024 Chinese Investment in Africa report, which runs concurrently with the Invest in Africa Beijing Dialogue held in Beijing on Friday.
Themed "China-Africa Investment Cooperation: A New Impetus to Africa's Industrialization," the report jointly authored by China-Africa Business Council, renowned think tanks, and experts from China and other countries.
It highlights that Chinese investment in Africa has not only spurred economic growth but has also significantly advanced the continent's industrialization process.
The launch event brought together representatives from China's Ministry of Foreign Affairs, China's Ministry of Commerce, the All-China Federation of Industry and Commerce, as well as ambassadors from various African countries in China and representatives from international organizations.
Attendees expressed their anticipation for the upcoming FOCAC Summit, scheduled from September 4 to 6 in Beijing, which they believe will further enhance China-Africa economic and trade cooperation.
"As the Dean of the African Diplomatic Corps in China, I have actually been in China for 16 years. I believe I can testify to the greatness and pragmatism of this cooperation. It is truly substantial and practical. Therefore, I invite everyone to read this report carefully. In this report, we can realize how close the cooperation between China and Africa is, how diverse its forms are, and how it involves multiple parties, with both men and women participating. Everyone is working together for a better future. This is what mutually beneficial cooperation looks like," said Martin Mpana, the Ambassador of the Republic of Cameroon to China and the Dean of African Diplomatic Corps in China.
Mwangi Wachira, an advisor to the Kenyan Government and a former World Bank economist, echoed this optimism, emphasizing the profound impact of China-Africa cooperation on the continent and on both countries.
"The cooperation between Africa and China has been particularly important; it has changed the face and the character of the continent. It has had a dramatic impact on the country, a positive impact on the country. On the other side, I cannot comment on what China has gained out of it. But we can tell by the volume of trade, by the FDI, measures of FDI to Africa, we can tell that Africa has had a modest impact on China during that time. The impact goes both ways. We affect China, and China affects us," said Wachira.
China has maintained its position as Africa's largest trading partner for fifteen consecutive years.
In 2023, China-Africa trade volume reached 282.1 billion U.S. dollars, an increase of nearly 11 percent compared to 2021. Trade volume between China and nearly half of the African countries saw double-digit year-on-year growth, reflecting the strong resilience and vitality of China-Africa trade.