Beijing, China August 24 — The China-Africa Business Council (CABC) released a new report about China’s investments in African countries on Tuesday and said the two sides have made great strides in all-around, multi-level and wide-ranging cooperation over the past 22 years.
Senior officials at the Council said Chinese companies have been a positive and productive part of the African market.
“I’ve been the CABC secretary-general for ten years,” said Wang Xiaoyong, vice-chairman and secretary-general of CABC, adding that he thinks Chinese companies have done well in the African market in terms of legal operation, local taxation, and care for local employees.
Bearing their responsibilities, Chinese enterprises not only bring what they have to Africa but also integrate well, Wang told CGTN.
This year’s report shows that Chinese companies are committed to investing in the five key drivers of the African supply chain: production, inventory, location, transportation and information. It also gives 12 examples of how Chinese and African firms support African supply chain development.
“More than 3,800 Chinese enterprises have made investments in Africa and dozens of China-Africa economic cooperation zones and industrial parks have been developed across the continent,” said H.E Rahamtalla M. Osman, permanent representative of the African Union to China.
Osman believed all of this has contributed to China-Africa cooperation in supply chain development.
According to the report, China’s engagement with Africa has risen rapidly in recent decades.
China is Africa’s fourth largest investor and has been Africa’s largest trading partner for 13 years.
CEO of Development Reimagined told CGTN that African countries are now looking to boost trade within the continent to cushion the impact of COVID and the Russia-Ukraine conflict.
“Africa is highly dependent on the rest of the world. And in terms of its own supply chain, it’s just not developed enough,” said Hannah Ryders, CEO of Development Reimagined, adding that “we have the African continent free trade area, which came in 2021, which is a great development despite COVID-19.”
Hannah told CGTN that making that trade work, and making the logistics flow depends on the supply chains and depends on creating more opportunities for within Africa trade and external Africa trade.
“Of course, there is an opportunity for China-Africa trade to continue to grow if there is investments in supply chains,” stressed Hannah.