{"id":17467,"date":"2022-08-26T07:00:00","date_gmt":"2022-08-26T05:00:00","guid":{"rendered":"https:\/\/ecomnewsafrique.com\/?post_type=news&p=17467"},"modified":"2022-08-23T16:40:33","modified_gmt":"2022-08-23T14:40:33","slug":"africa-china-intends-to-continue-to-be-the-first-african-trading-partner-and-investor","status":"publish","type":"news","link":"https:\/\/ecomnewsafrique.com\/en\/2022\/08\/26\/africa-china-intends-to-continue-to-be-the-first-african-trading-partner-and-investor\/","title":{"rendered":"Africa: China intends to continue to be the first African trading partner and investor"},"content":"\n \n \n \nWestern powers will struggle to supplant China in Africa over the next decade especially as Beijing moves to deepen its ties with the continent, focusing on boosting bilateral trade and diversifying its investments, beyond the construction of infrastructures and the exploitation of natural resources, estimated The Economist Intelligence Unit (EIU) in a report published on 3 August.\n\n \n \n\n\n \n \n \nEntitled “A new horizon for Africa-China relations”, the report states that it is “unlikely” that the major Western powers, in particular the European Union (EU) and the United States, manage to catch up with China in Africa despite recent strategies they have unveiled to reshape their economic and political relations with the continent, including the European initiative “Global Gateway Africa-Europe Investment Package” (154 billion dollars), the American program \u201cBuild Back Better World (B3W)\u201d or the \u201cGlobal Partnership for Infrastructure\u201d of the G7 (600 billion dollars).\n\n \n \n\n\n \n \n \n“These initiatives will go some way to countering, but not supplanting, Chinese influence on the continent,” the EIU said. \n\n \n \n\n\n \n \n \nAnd for good reason: Western powers are confronting their colonial legacy in Africa and growing mistrust of their intentions due to erratic engagement over the past decades. \u201cQuestion marks are also being raised in Africa over the motives for EU and US re-engagement. In view of the memory of past engagements that failed, this re-engagement is seen as a simple desire to counter the influence of China rather than to work with African partners\u201d, indicates the economic intelligence company.\n\n \n \n\n\n \n \n \nTrade diversification\n\n \n \n\n\n \n \n \nIn the camp opposite, we do not cross our arms. The report points out that China-Africa bilateral cooperation development strategies and China’s recent financial commitments, announced at the 8th Ministerial Conference of the Forum on China-Africa Cooperation (FOCAC 8), held in Dakar in November 2021, suggest a “deeper and broader commitment” of the Middle Kingdom on the continent in the medium and long term.\n\n \n \n\n\n \n \n \nBeijing is now making the strengthening and diversification of trade with Africa a priority, and aims to rob the European Union (EU) of the rank of the continent’s leading trading partner by 2030. \n\n \n \n\n\n \n \n \n\u201cThere is a series general factors likely to boost Chinese trade and investment in Africa over the next decade. These include intense international competition for Africa’s extractive sector and agricultural resources. Chinese investment through state-owned enterprises and public financial institutions will continue to target natural resources as well as transport and energy infrastructure that facilitates trade,\u201d the report\u2019s authors explain. He added: “Furthermore, Africa has fast-growing markets for a wide range of consumer goods and services, which in the long run will be boosted by the expansion of the urban middle class and progress regional integration\u201d.\n\n \n \n\n\n \n \n \nWave of industrial relocations\n\n \n \n\n\n \n \n \nThe Economist Intelligence Unit also expects major changes in the nature and structure of Chinese investments in Africa, which have so far been almost exclusively carried out by state-owned companies. \u201cChinese private sector investment will play a central role over the next decade, targeting sectors such as information and communication technology (ICT) infrastructure and services, agricultural enterprises, consumption and electronics, light industry and finance,\u201d forecasts the research and economic intelligence organization.\n\n \n \n\n\n \n \n \nThe Asian giant should also increase its investments in agriculture in Africa. \u201cFood security issues and China\u2019s huge food needs could drive large flows of investment into agricultural production in Africa,\u201d predicts the EIU.\n\n \n \n\n\n \n \n \nAnd last but not least, Beijing could now look to Africa’s youthful population as a source of labor for its manufacturing enterprises.\n\n \n \n\n\n \n \n \n“Africa has a huge pool of young and inexpensive labor, which is a potential outlet for China’s labour-intensive manufacturing sector, which will become increasingly attractive in the future. as Chinese labor ages and becomes more expensive,\u201d the report said, predicting a big wave of relocations by Chinese companies to Africa.\n\n \n \n\n\n \n \n \n“China-Africa relations are clearly entering a new phase,” said Pat Thaker, EIU’s editorial director for the Middle East and Africa, quoted in a statement.\n\n \n \n\n\n \n \n \nSource Ecofin Agency\n\n \n \n\n","author":116,"featured_media":17468,"comment_status":"open","ping_status":"closed","template":"","tags":[990,713,699,698],"location":[505],"class_list":["post-17467","news","type-news","status-publish","has-post-thumbnail","hentry","tag-china","tag-economic-analysis","tag-economy","tag-news","location-africa"],"short_url":"https:\/\/bit.ly\/3Cqaumm","have_related_news":"","chapo":"A major change is expected in the nature and structure of Chinese investment in Africa. In addition to state-owned enterprises, private investors are now expected to target the ICT, agriculture, consumer goods, industry and finance sectors.","media":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/export2-550x360.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/export2-550x360.png 550w","sizes":"550px","alt":"export2","width":550,"height":360,"ratio":0.66,"credit_photo":""},"media-news-header":{"src":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/export2-994x658.png","srcset":"https:\/\/ecomnewsafrique.com\/app\/uploads\/sites\/4\/2022\/08\/export2-994x658.png 1170w","sizes":"1170px","alt":"export2","width":1170,"height":658,"ratio":0.66,"credit_photo":""},"acf":[],"yoast_head":"\nAfrica: China intends to continue to be the first African trading partner and investor - Ecomnews Afrique<\/title>\n<meta name=\"description\" content=\"Western powers will struggle to supplant China in Africa over the next decade especially as Beijing moves to deepen its ties with the continent, focusing\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/ecomnewsafrique.com\/en\/2022\/08\/26\/africa-china-intends-to-continue-to-be-the-first-african-trading-partner-and-investor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Africa: China intends to continue to be the first African trading partner and investor - 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