The eighth Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC) will be held in Dakar, Senegal, at the end of November, with the participation of 55 member countries.
China’s Ministry of Commerce held a press conference on Wednesday outlining the forum’s general agenda.
“We will work together to define new measures in accordance with our development strategies. The new measures are expected to be in line with China’s 2035 vision and the adaptation of “dual-cycle development”. For Africa, the measures should also align with the African Union’s 2063 agenda, ”Chinese Vice Minister of Commerce Qian Keming said.
The last FOCAC took place in 2018 in Beijing. And over the past three years, China-Africa trade and economic cooperation have made solid progress.
In the first nine months of this year, bilateral trade volume hit a record $ 185.2 billion, up 38.2 percent year-on-year. China’s direct investment in Africa in all sectors recorded $ 2.59 billion, an increase of 9.9 percent, surpassing China’s overall outward direct investment by 3 percentage points and surpassing the level of ‘before the pandemic in 2019.
“China’s exports of construction machinery and basic necessities have satisfied both production and the basic needs of Africans. For China, Africa is an important source of many mineral resources, an important element in maintaining the stability of our industrial chain, ”said Qian. “In recent years, we have also taken active steps to increase the import of non-resource-based products from Africa while helping African countries to increase their foreign exchange earnings. It also better enriches China’s domestic market supply.
China has not only focused on merchandise trade with Africa, but has also cooperated to help improve the continent’s economic development, virus-fighting strategies and livelihoods of Africans, a Qian said. Measures used by China include holding a summit with Africa that focuses on cooperation in public health and optimizing the structure of financial support to Africa.
(Cover: Mozambique Wanbao Agricultural Park, established in July 2011, is currently China’s largest rice plantation project in Africa. / CFP)