The just-concluded 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) has set the stage for strengthened economic and trade ties between China and Africa, presenting a host of new opportunities for business cooperation, said a China Media Group (CMG) commentary published on Friday.
An edited English-language version of the commentary is as follows:
Gathering leaders from over 50 African countries, the 2024 FOCAC summit, which run from Wednesday to Friday in Beijing, has mapped out a new blueprint for China and Africa to jointly advance modernization. How to deepen economic and trade cooperation, which is a crucial pillar of China-Africa partnership, has garnered significant interest from entrepreneurs on both sides, who are eager to seize new opportunities presented by the summit's practical measures.
As a key event alongside the summit, the 8th Conference of Chinese and African Entrepreneurs was held in Beijing on Friday, bringing together business representatives from China and 48 African countries, including Senegal, South Africa, and Kenya, spanning a diverse range of industries from traditional sectors like energy and mining to emerging fields such as electronics, satellite communications, and biopharmaceuticals.
While addressing the conference’s opening ceremony, Chinese Premier Li Qiang said the two sides should further strengthen market alignment, promote industrial integration, and enhance the innovation-driven momentum. Entrepreneurs from both sides engaged in in-depth discussions to explore new avenues for cooperation, aiming for more win-win outcomes.
China-Africa economic and trade cooperation is built on a solid foundation.
China has remained Africa's top trading partner for 15 consecutive years. In 2023, China-Africa trade volume expanded by nearly 35 percent compared with a decade ago. Since 2013, China has participated in the construction of over 6,000 kilometers of railways and over 6,000 kilometers of roads in Africa.
A group of Chinese technology firms in such sectors as e-commerce and mobile communications have established their presence in Africa. More than 200 unique African products from 23 countries are selling well during the "Quality African Products Online Shopping Festival." While trade in traditional areas of China-Africa cooperation has been enhanced, that in the new industries and emerging sectors is flourishing.
At this year's FOCAC summit, China unveiled 10 partnership action plans to jointly advance modernization with Africa in the next three years. These are widely seen as the major priorities of China-Africa practical cooperation in the years to come. Standing at a new starting point, Chinese and African businesses are expected to embrace even more opportunities for collaboration.
Opportunities arise from further integration of industrial and supply chains, which form the foundation of economic and trade cooperation.
China, a developing economy with the world's most complete industrial chain, and Africa, the continent with the largest number of developing countries, are highly complementary in terms of industrial and supply chains.
Industrial chain cooperation is included in the 10 partnership action plans announced at this summit.
From fostering industry cooperation growth clusters to pushing forward the Pilot Zone for In-depth China-Africa Economic and Trade Cooperation, and launching the "African SMEs empowerment program," the China-Africa industrial integration is poised to reach new heights.
Opportunities also come from the continuous accumulation of new growth drivers.
China and Africa have deepened cooperation in various fields including digital economy and green development over the past few years. African entrepreneurs present at the summit emphasized that innovation is key to bilateral cooperation, noting that China's experience in emerging sectors such as new energy and electric vehicles is worth learning from.
The 10 partnership action plans announced by China include jointly building a China-Africa digital technology cooperation center, advancing collaboration in e-commerce and other areas, and carrying out 30 clean energy projects in Africa. These measures will help both sides to build development momentum and foster new growth drivers.
Moreover, opportunities are found in the highly compatible cooperation concepts.
At the 8th Conference of Chinese and African Entrepreneurs, businesspeople showed a strong willingness for open cooperation. This is of great significance at a time when protectionism is on the rise, and it brings positive energy of win-win cooperation to the rest of the world.
China has also proposed to unilaterally expand market access, offering all LDCs having diplomatic relations with China, including 33 countries in Africa, zero-tariff treatment for 100 percent tariff lines, and enter into framework agreements on economic partnership for shared development with African countries. These moves are expected to turn China's vast market into a great opportunity of development for Africa, promoting an open global economy.
True friends are those who share the same path. It’s a common aspiration among entrepreneurs from both sides to make the “pie” of cooperation bigger. With a focus on jointly advancing modernization, the evolution of China-Africa economic and trade cooperation to deeper and higher levels will not only benefit the people of both sides but also contribute to global prosperity.
FOCAC summit presents new opportunities for China-Africa cooperation: commentary
