Trade exchange between China, African states hit $170B in 2017

CAIRO – 25 August 2018: Trade exchange between China and African states increased 14 percent year-on-year in 2017, registering $170 billion, minister counselor for economic affairs at the Chinese embassy in Cairo Han Bing said on Saturday.

In statements to MENA, Han revealed that Chinese investments in Africa recorded $3.1 billion in the same year.

China sees major capabilities for the expansion of economic cooperation with African countries, while giving priority to fields such as agriculture, investment, energy and natural resources, he said.

In this regard, the Chinese official said Beijing intends to carry out several projects in African countries, including a modern agriculture center and another one for oceans research.

He also unveiled plans to foster cooperation among Chinese and African banks.

Meanwhile, Han said his country will host the Forum on China-Africa Cooperation (FOCAC), which will include a ministerial conference on September 1 and 2, and then another meeting at the level of Chinese and African heads of state on September 3 and 4.

He added that a business forum and a roundtable are set to be held on the sidelines of the forum, with UN Secretary-General Antonio Guterres delivering a speech at the inaugural session.

FOCAC aims to bolster cooperation between Beijing and African states at the political, economic and cultural levels, to maintain security and stability as well as to promote terrorism-combat efforts, he noted.

Chinese State Councilor and Foreign Minister Wang Yi said at a press briefing in Beijing on Wednesday that the 2018 FOCAC summit aims to build a stronger community with a shared future between China and Africa which will yield important outcomes in four aspects,.

"First, the summit will make a renewed call for a stronger community with a shared future between China and Africa," Wang said.

Chinese and African leaders will have close dialogues, creating a stronger strategic guidance for cooperation and adding new substance to the community in the new circumstances, which will also contribute to the building of a community with shared future for mankind.

"Second, the forum will usher in a new era for the Belt and Road Initiative and Africa's development, and China will engage with Africa in equal consultation, plan together, work together and benefit together," Wang stressed.

The summit will connect the Belt and Road Initiative with Agenda 2063 of the African Union and the UN 2030 Agenda on sustainable development, he noted.

The foreign minister also vowed that the summit will push the cooperation between China and Africa to a new high level. "During the summit, we will adopt the Beijing Declaration and the Beijing Action Plan, a number of bilateral cooperation agreements will also be signed, which will give a plan for China and Africa cooperation in the next three years and beyond," he added.