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CGTN: China and Africa want to forge closer economic and trade ties at FOCAC

CGTN: China and Africa want to forge closer economic and trade ties at FOCAC

95 kilometers southeast of Addis Ababa, in the heart of the East African Rift, rises the Adama wind power project with its impressive 80 meter high white turbines. The project, built by Chinese companies, is a milestone in the partnership between China and African countries.

Since they went into operation in May 2015, the wind turbines have been an important source of electricity for around 600,000 households. They have helped ease Ethiopia’s electricity shortage, reduce the need for diesel generators and promote economic growth. Around 2,100 local jobs have been created and several universities are involved in training and maintenance. This practical experience has prepared many for future roles in the Ethiopian wind energy sector.

The city of Adama is also experiencing significant growth: the population increased from 324,000 in 2015 to over 480,000 in 2023. Improved infrastructure and investments have attracted companies from different countries, resulting in a rapid change in the cityscape. For nearby villagers, improvements in transportation, reliable electricity, and improved access to education and health care have significantly improved the quality of life.

Chinese companies have brought advanced green technology to Ethiopia, helping the government achieve its renewable energy goals. And the collaboration has also contributed to a green transformation and the global fight against climate change.

China and African countries have shared a friendship since World War II, and cooperation has increased in recent years through initiatives such as the Belt and Road Initiative (BRI). From railways and roads to wind farms and power plants to schools and hospitals, China-backed infrastructure projects have boosted Africa’s economic development across the continent.

For example, the Addis Ababa-Djibouti railway linking Ethiopia and Djibouti has significantly reduced travel times, reduced logistics costs and boosted local economic growth. To date, the railway has transported 680,000 passengers and 9.5 million tonnes of freight, with a compound annual revenue growth rate of 39 percent.

According to the white paper “China and Africa in the New Era: A Partnership of Equals” released by China’s State Council in 2021, Chinese companies have contributed since the founding of the Forum for China-Africa Cooperation (FOCAC) in 2000 assisted African countries in constructing or upgrading more than 10,000 km of railways, nearly 100,000 km of highways, around 1,000 bridges, nearly 100 ports and 66,000 km of power transmission and distribution lines.

Closer economic and trade relations

In addition to the BRI projects, China and African countries have also developed closer economic and trade ties, reflected in ever-growing trade volumes and a variety of goods and services. China has been Africa’s largest trading partner for 15 years in a row. Data from the General Administration of Customs of China shows that China-Africa trade reached a record high of US$282.1 billion in 2023, up 1.5 percent year-on-year, and China-Africa trade increased by 5 between January and July .5 percent to 1.19 trillion yuan (about 166.6 billion US dollars).

Sang Baichuan, dean of the Institute of International Economics at the China University of International Economics, said China-Africa trade has grown rapidly thanks to win-win cooperation. The Chinese economy and the economies of African countries are highly complementary, as China has mature and applicable technologies, equipment and sufficient capital, while African countries have significant advantages in terms of labor and natural resources.

“Strengthening trade ties between China and Africa is beneficial to exploit each other’s advantages and vast markets, achieve mutual benefits and achieve mutually beneficial development,” Sang said.

Diane Sayinzoga, a senior official at the United Nations Conference on Trade and Development (UNCTAD), also praised the China-Africa trade partnership, saying it has enabled important infrastructure projects that are crucial to the economic integration and growth of the African continent .

She added that China’s assistance is also in line with UNCTAD’s goals of promoting Africa’s sustainable development by expanding manufacturing capacity, expanding trade opportunities, promoting economic diversification and integrating African countries into the global value chain.

The 2024 FOCAC Summit will take place in Beijing from September 4th to 6th. According to experts, the forum will be an important opportunity for China and Africa to deepen their economic and trade ties to achieve mutual benefits and advance common development goals.

“FOCAC has led to numerous agreements on investment, trade and development projects between China and African countries to achieve common development goals, which are perfectly in line with the mission of UNCTAD,” said Sayinzoga.

https://news.cgtn.com/news/2024-08-30/China-Africa-set-to-embrace-closer-economic-trade-ties-at-FOCAC-1wuF1bzTjVe/p.html

View original content:https://www.prnewswire.com/news-releases/cgtn-china-und-afrika-wollen-beim-focac-engere-wirtschafts–und-handelsbeziehungen-knupfen-302235580.html

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