Changsha, China’s Hunan Province – The third China-Africa Economic and Trade Expo commenced on Thursday, attracting representatives from 53 African countries and 12 international organizations. The event aims to bolster bilateral cooperation and is set to witness the signing of deals worth a staggering $19.1 billion.
The expo serves as a vital platform for collaboration across multiple sectors and serves as further evidence of the flourishing economic and trade ties between China and Africa. The focus extends beyond trade, encompassing cultural and people-to-people exchanges as well.
In a parallel development, the China-Africa Women’s Forum also began in Changsha. Peng Liyuan, wife of Chinese President Xi Jinping and UNESCO Special Envoy for the Advancement of Girls’ and Women’s Education, emphasized the importance of women’s empowerment in a video speech, pledging to contribute to a shared future between China and Africa.
The expo witnessed African officials and business representatives expressing their enthusiasm for closer ties with China while rejecting Western criticism, including allegations of a “debt trap.” This year’s event witnessed a substantial increase in participation, with a 70 percent rise in exhibitors and a 165.9 percent surge in registered products from 29 countries. The exhibition area was expanded to accommodate the heightened interest.
During the opening ceremony, Chinese Vice President Han Zheng welcomed participants and called for a new chapter in high-quality economic and trade cooperation between China and Africa.
Anna A Wapalila, CEO of Tanzania-based Herbanna General Supply Co, highlighted China’s significance as a market, stating that the opportunity to enter the Chinese market eliminates the need to explore other countries.
The expo is expected to result in the signing of 218 cooperation projects totaling $19.1 billion, along with various outcomes such as the release of a report on China-Africa economic and trade relations and the unveiling of the China-Africa Trade Index.
The China-Africa Trade Index, released for the first time, demonstrated a remarkable growth trajectory, reaching 990.55 in 2022 compared to the base reading of 100 in 2000. The index, provided by the Chinese General Administration of Customs (GAC), offers an objective assessment of the commodities trade between China and Africa.
Mbelwa Kairuki, Tanzania’s Ambassador to China, praised the rapid growth in bilateral economic and trade cooperation over the past decade, attributing it to the China-proposed Belt and Road Initiative (BRI). Kairuki dismissed Western claims of a “debt trap” and emphasized the opportunities for cooperation and investment between China and African countries.
James Kimonyo, Rwandan Ambassador to China, echoed Kairuki’s sentiments, refuting the notion of a “debt trap” and affirming China’s openness and support for infrastructure projects in Africa.
The expo signifies the substantial achievements in China-Africa economic and trade cooperation. Bilateral trade has experienced a 20-fold increase between 2000 and 2022, with an average annual growth rate of 17.7 percent. In 2022 alone, trade between China and Africa rose by 11 percent to reach $282 billion. China aims to further enhance trade with African countries to $300 billion by 2025.
Furthermore, China’s direct investment in African nations exceeded $30 billion over the past decade, positioning China as the fourth-largest source of investment in Africa. African officials are actively seeking additional cooperation and investment in infrastructure and other critical projects.
Kimonyo emphasized the need for Chinese financial support to accelerate growth and underscored the positive impact of Chinese investments on projects such as ports and roads in his country.
Chinese investments and enterprises have received praise from Tanzanian officials for their