General

16 agricultural products from 11 African countries have been allowed to export to China under the "Green Channel". 21 African countries have enjoyed 98% zero tariff treatment for products exported to China. A number of renewable energy projects, such as the Zungeru Hydropower Station in Nigeria and the Sakai PV Power Station in Central Africa, undertaken by Chinese enterprises, have made good progress, China has launched preparations for the establishment of the China Africa Satellite Remote Sensing Application Cooperation Center... On June 13th, at the Third China Africa Economic and Trade Expo and the China Africa Economic and Trade Cooperation Conference held by the State Council, Vice Minister of Commerce Li Fei introduced a series of achievements in China Africa international trade and economic cooperation.

The comprehensive resumption of offline China Africa Economic and Trade Expo after the epidemic will further promote the deepening and consolidation of international trade and economic cooperation between China and Africa. As of now, 53 African countries that have established diplomatic relations, 8 international organizations, 30 domestic provinces, cities, and more than 1500 central enterprises, business associations, and financial institutions have registered to participate in the conference. This set of numbers demonstrates the good wishes of all parties to seize the momentum of China Africa economic and trade cooperation.

Data shows that the total trade volume between China and Africa has exceeded 2 trillion US dollars, and China has always maintained its position as Africa's largest trading partner. Chinese enterprises have signed contracts for non new contracted projects with a total amount exceeding 700 billion US dollars and completed a turnover exceeding 400 billion US dollars; China's cumulative flow of direct investment in Africa has exceeded 30 billion US dollars, making it the fourth largest source of investment in Africa.

We actively encourage capable enterprises to invest in Africa's agriculture, manufacturing, and service industries, fully leverage the role of the African Economic and Trade Cooperation Zone, promote industrial upgrading in Africa, enhance Africa's processing and manufacturing level and product added value, and assist Africa in enhancing its overall export capacity. "Jiang Wei, Director of the West Asia and Africa Department of the Ministry of Commerce, said that in addition to the rapid development of trade scale and further improvement of trade facilitation level, China Africa's international trade and economic cooperation In addition to the continuous expansion of trade channels and other characteristics, there is also a good trend of integrated development of trade and investment.

The company led by Pan Henghui, Chairman of Tavostone Tire Company, who has just been awarded the honorary title of "TAIYESE OF EGBIN KINGDOM" in Nigeria, is one of the examples of achieving trade and investment integration. From one container per month in the early days to nearly 200 containers in the following month, Tavostone's trade scale with Africa continued to expand. At present, Tevostone's subsidiary in Nigeria, Dewei International, has become one of the largest tire importers and distributors in Nigeria. After seeing such a vast opportunity, Pan Henghui built another motorcycle inner and outer tire factory. This motorcycle inner and outer tire factory can provide employment for at least 1000 to 1500 people.

There are a large number of unemployed young people in Nigeria. If a factory can be built, it can not only achieve product localization, but also solve the problem of employment for a large number of people and bring more benefits to the local people. "Pan Henghui introduced that in addition, the company actively fulfills its social responsibility, not only donating to the local area, but also building schools and roads. Because of this, he was awarded the title of Honorary Chief.

At the same time, a group of national level overseas international trade and economic cooperation zones established in Africa have also become important platforms to assist local investment attraction and export earnings.

The development of the China Egypt Teda Suez International Trade and Economic Cooperation Zone in Egypt for more than ten years has developed a desert desert into an industrial new town with the coordinated development of industry and business, powerfully driving the development of the surrounding areas of Egypt's Insuhanna, and promoting the economic development along Egypt's Suez Canal corridor; The gathering of over a hundred Chinese enterprises in the park not only fills multiple industrial gaps in Egypt, enhances its industrialization level, but also drives local employment and taxation, injecting strong impetus into local economic development.

According to China Africa Taida Investment Co., Ltd., the cooperation zone has attracted over 1.6 billion US dollars in investment, with 137 enterprises including Midea, Dayun, Jushi, and Xidian settling in. The cumulative sales revenue has exceeded 3.5 billion US dollars, directly solving nearly 5000 employment problems, and the industry driving employment of about 50000 people.

At present, China is actively supporting and encouraging Chinese enterprises to make good use of financial support such as the China Africa Development Fund and the China Africa Production Capacity Cooperation Fund, and steadily expanding their investment in Africa. As of now, the China Africa Development Fund has made investment decisions totaling over 6.6 billion US dollars in 39 African countries, leveraging Chinese enterprises to invest and finance over 31 billion US dollars in Africa, involving key areas urgently needed for African development such as infrastructure, production capacity cooperation, agriculture and people's livelihood, as well as emerging areas such as digital innovation and green development. Song Lei, Chairman of China Africa Development Fund, said that China Africa Development Fund will further match African concerns and Chinese enterprises' demands, give play to the advantages of investment and lending synergy with the China Development Bank, actively develop and screen high-quality projects, and guide Chinese enterprises to invest in Africa.

These practices of Chinese enterprises are seen and remembered by African partners. At the seminar on high-quality development of China Africa investment and financing cooperation held recently, the AU representative in China Ottoman said that the "the Belt and Road" initiative proposed by China has further promoted the development of infrastructure construction in Africa and provided unique opportunities for African countries. Africa can actively utilize the Chinese market and various resources, establish cooperative partnerships with China, and promote the economic prosperity of the African continent. Africa should actively take advantage of such development trends and create active trade and industrial networks. This will not only benefit African countries, but also benefit all African partners, including China.

As Osman stated, the potential contained in Africa is currently being unleashed. The African continent free trade zone was officially launched on January 1, 2021, committed to forming a large market covering 1.3 billion people and $2.3 trillion. At present, 54 out of the 55 members of the African Union have signed the main agreement, and substantive negotiations such as tariff concessions and rules of origin are accelerating.

African economic integration will inject strong momentum into local economic and social development, and also provide new opportunities for China Africa economic and trade cooperation. China has always supported the process of African integration, "Jiang Wei said. In the future, China will increase cooperation with Africa in three aspects: first, actively encourage Chinese enterprises to leverage their advantages and participate in infrastructure construction in Africa, and help Africa build efficient and smooth markets; Secondly, further leverage the role of the economic cooperation expert group mechanism established between China and the Secretariat of the African Free Trade Zone; The third is to support the work of the Secretariat of the African Free Trade Zone within its capabilities, strengthen cooperation in personnel exchange, capacity building, and continue to support the African integration process. (Translated from: China Trade News)