China-Africa investment cooperation promotes Africa's industrialization: report

China-Africa investment cooperation has provided a new impetus to Africa's industrialization, according to a 2024 China Investment in Africa report on Friday.

Themed "China-Africa Investment Cooperation: A New Impetus to Africa's Industrialization," the report was written jointly by the China-Africa Business Council, renowned think tanks, and experts from China and other countries.

It noted that Chinese investment in Africa has not only boosted the continent's economic growth but also significantly advanced its industrialization.

The report showed that the economic and trade cooperation between China and Africa has been further promoted and diversified over the recent years. Previously, investment from private Chinese enterprises in Africa was mainly drawn to the manufacturing industry, infrastructure construction, and trade. Now, more enterprises put their money into emerging industries like healthcare, transportation, logistics, e-commerce and agricultural product processing.

Through market-oriented investment, infrastructure investment, and investment in emerging fields, Chinese enterprises have been participating in the construction of Africa's industrial system and promoting the continent's industrialization while enhancing its quality, the report said.

It noted that Africa's advantages and potential in human resources, mineral resources, energy costs, and transportation costs offer significant potential for developing the manufacturing sector and achieving industrialization.

According to the analysis, Africa has demonstrated competitiveness in a range of emerging industries, including mineral processing, agriculture and agricultural product processing, automobile manufacturing, chemicals, pharmaceuticals, and new energy.

The report also pointed out that African countries have been actively improving their business environments to attract more investment from China. The governments have rolled out various policies to draw foreign investment and accelerate the integration of the African Continental Free Trade Area. These measures are expected to create a more favorable environment for Chinese enterprises to invest in and grow on the continent.

The report came ahead of the 2024 Summit of the Forum on China-Africa Cooperation scheduled in Beijing, from Sept. 4 to 6.

Official data showed that in terms of investment, China-Africa investment cooperation has grown steadily. As of the end of 2023, China's direct investment stock in Africa exceeded 40 billion U.S. dollars, making it one of Africa's major sources of foreign investment, according to the Ministry of Commerce.

China-Africa investment cooperation promotes Africa's industrialization: report

China and Spain are set to deepen bilateral economic and trade cooperation, with a focus on expanding collaboration in emerging industries such as clean energy and cross-border e-commerce, a spokesperson for China's Ministry of Commerce said on Thursday.

During a regular press briefing, spokesperson He Yongqian said the ministry will work closely with Spanish authorities to strengthen ties and cement economic partnerships.

"Spanish Prime Minister Pedro Sanchez recently led a trade delegation to China, where he and Minister Wang Wentao delivered speeches at the second meeting of the China-Spain Business Advisory Council, joined by over 60 representatives from both countries. During the meeting, business leaders from China and Spain expressed their commitment not only to strengthening cooperation in traditional sectors but also to exploring opportunities in emerging industries such as clean energy, cross-border e-commerce, big data, and the low-altitude economy, while jointly expanding into other markets," He said.

The spokesperson said the next step is to provide more regular and practical platforms for exchanges between businesses from the two countries.

Sanchez visited China for a four-day trip that began on Sept. 8.

China, Spain to deepen economic cooperation, explore new sectors: commerce ministry