With its large territory, huge population and accelerating socioeconomic transformation, Africa has huge potential in development, said the chairman of the China Railway Construction Corporation.
The 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) just concluded on Sept 6 in Beijing and marked a significant upgrade in relations, with a strong push to practical cooperation in various fields.
On a panel discussion held by China Central Television (CCTV), Dai Hegen, chairman of China Railway Construction Corporation, shared the history between the company and Africa.
"In 1968, in response to China's call to follow the national strategy, we went to Tanzania and Zambia and worked with the people of these two countries to build the 1,860-kilometer TAZARA Railway in eight years. This major artery of Africa has helped forged a strong friendship between China and Africa, and we have become the first company to enter Africa. There are altogether 54 countries in Africa, and China Railway Construction Corporation conduct business with 51 of them. Every year, we provide job opportunities for more than 200,000 people in the continent," said Dai.
He emphasized that Africa has great potential given its consumer market and young population.
"The area of African continent is 30 million square kilometers, which is three times the land area of China. I think it is not only vast in territory, but also endowed with great resources. In addition, there are 1.4 billion people in the continent, which is the same as China. However, its population is young, with over 70 percent being under 35 years old. Africa is also the region with the fastest growing population. Such a large population means a huge consumer market, so I think it is the most promising market for global economic growth," Dai said.
Dai said Chinese enterprises will continue to benefit from Africa's urbanization and modernization processes.
"Its urbanization development has brought great opportunities to Chinese enterprises. Also, the continent is in the middle of industrialization. Africa's development is based on agriculture and driven by resources. Now, African countries are transforming with industrialization as the driving force. Therefore, in the process of industrialization, I believe there is a huge market. Another thing I want to point out is its modernization, especially agricultural modernization," he said.
Chinese executive sees huge potential in Africa's development
