As part of efforts to sustain the enduring bilateral relations between China and Africa, the South-East Asian country and Africa have signed a series of new trade deals to promote shared interests and economic growth. The deals were signed on the sidelines of the Forum on China-Africa Cooperation (FOCAC), a major summit that takes place every three years. The summit which held in Dakar, Senegal, had in attendance the Chinese President Xi Jinping, who met with African leaders at the Forum. The two sides signed over 80 trade and investment deals, worth a total of over $100 billion. This comes as China seeks to strengthen its ties with Africa and expand its influence on the continent.
Some of the major deals signed at the summit this year includes:
- A $10 billion investment by China in Africa’s infrastructure sector.
- A $5 billion trade deal between China and the African Union.
- A new agreement to boost cooperation on agriculture and food security.
- A number of deals between Chinese and African companies on projects in areas such as energy, manufacturing, and technology.
The deals are a sign of China’s growing commitment to Africa. China has become Africa’s largest trading partner and a major source of investment. China’s trade with Africa has more than quadrupled in the past decade, and Chinese investment in Africa has increased by more than tenfold.
The deals are also a sign of Africa’s growing importance to China. Africa is a rich source of natural resources, and it has a young and growing population. China is looking to Africa to help meet its growing demand for energy and raw materials, and to expand its markets for consumer goods.
The deals are likely to have a significant impact on both China and Africa. In China, the deals will help to boost economic growth and create jobs. In Africa, the deals will help to improve infrastructure, boost agricultural production, and create new jobs.
With the growing concern by critics on the China’s growing involvement in Africa, some critics have argued that China’s loans to African countries are predatory and that Chinese investment is too focused on extractive industries. Others argue that Chinese companies are not doing enough to train African workers or to transfer technology to Africa.
Despite these concerns, the new trade and investment deals are a sign of the deepening ties between China and Africa. Both sides stand to benefit from this growing relationship.