China-Africa Economic Partnership Deepens – Chinadaily.com.cn

China and Africa are ready to take their economic and trade partnership to the next level by prioritizing expanding mutual openness, strengthening industrial integration and promoting cooperation in emerging sectors, Premier Li Qiang said on Friday.

Entrepreneurs were also urged to allocate more investment to boost economic development and meet urgent social needs, Li said in a speech at the opening ceremony of the eighth China-Africa Entrepreneurs Conference held in Beijing.

China-Africa economic and trade cooperation is the cornerstone of their partnership, yielding fruitful results in recent years and providing solid support for the joint progress in modernization of both sides, he said.

He added that in the future, China will expand unilateral market access for least developed countries and expand the green channel for the export of African agricultural products to China.

China also pledged to promote mutual openness towards Africa and will speed up the process of negotiating and signing framework agreements to jointly develop economic partnerships to better facilitate trade and investment, the premier said.

Li noted that China is willing to deepen industrial chain cooperation with Africa, aiming to achieve deeper integration of the two regions in global industrial and supply chains.

In addition, China is willing to strengthen cooperation with Africa in areas such as the digital economy, artificial intelligence and new energy, thus supporting the development of new development engines and gaining new opportunities for economic growth through joint efforts, he added.

The Prime Minister called on entrepreneurs from China and Africa to resolutely deepen cooperation and play a greater role in driving development not only within the China-Africa partnership but also on a global scale.

African officials and business executives said practical initiatives unveiled at the 2024 Summit of the Forum on China-Africa Cooperation hold great promise for accelerating modernization efforts by African countries.

David Karl Ferreira, CEO of Vitality China, a subsidiary of South Africa-based financial services provider Discovery Ltd, said the company has benefited greatly from the continued opening up of China’s financial sector in recent years and the country’s huge potential.

Ferreira said China, with its huge customer base, promising growth potential and innovation, had become a magnet for South African businesses looking to expand their operations and capitalise on the country’s economic dynamism.

Meanwhile, Chinese companies doing business in Africa have played a crucial role in providing a wealth of invaluable experience to businesses across the continent, he added.

Lei Jun, founder and president of Chinese smartphone maker Xiaomi, said Africa’s economic growth is outpacing the global average and the establishment of a free trade zone on the continent promotes cross-border trade cooperation and market integration.

Of particular note is the emergence of policies supporting the green transformation in many African countries. Xiaomi is keen to seize the opportunity to strengthen cooperation with African companies in various emerging industries, including new energy vehicles, Lei said.

Lei added that Xiaomi, building on its presence in 16 African countries including Egypt, Nigeria and Kenya, is preparing to increase its investments across the continent.