China-Africa Expo to boost trade, explore emerging sectors
The upcoming third China-Africa Economic and Trade Expo, set to take place in Changsha from June 29 to July 2, is expected to further enhance economic and trade cooperation between China and Africa. The expo, which occurs every two years in Hunan Province, has gained significance as a platform under the Forum on China-Africa Cooperation framework.
China currently holds the position of Africa’s largest trading partner and its fourth-largest source of investment. Over time, the cooperation between the two sides has expanded from trade and construction to emerging sectors such as digital infrastructure, green development, aviation, and space exploration.
This year’s China-Africa Expo is anticipated to be more influential than previous editions, covering a broader range of topics. For the first time, forums and seminars on traditional Chinese medicine cooperation, women’s dialogues, and professional education will be held. The number of exhibitors has increased by 55% from the last expo, reaching 1,350 participants. Secondary locations will also offer a variety of African products for sale, Xinhua News Agency reported.
Two new achievements exhibitions will debut at this year’s event, focusing on China-Africa high-quality Belt and Road cooperation, women’s innovations, and entrepreneurship from both sides. Potential deals and cooperation projects under discussion at the China-Africa expo have already reached a value of US$10.7 billion.
“The expo will help foster consensus and enhance confidence for development on both sides,” said Jiang Wei, an official with the Ministry of Commerce. The event will also highlight the role of local governments and enterprises in promoting cooperation.
A series of measures will be unveiled at the China-Africa expo to guide future moves on implementing the nine programs on China-Africa cooperation proposed at the Eighth Ministerial Conference of the Forum on China-Africa Cooperation in November 2021. These nine programs have already produced fruitful results, such as 21 African countries receiving zero-tariff treatment for 98% of their exports to China.
Additionally, 14 Chinese vocational colleges have established partnerships with 13 African counterparts under the capacity-building program, and Chinese projects in Africa created 300,000 jobs for local people in 2022.
Bilateral trade between China and Africa reached US$282 billion in 2022, with exports to Africa growing 11.2% year on year to US$164.5 billion and imports increasing by 11% to US$117.5 billion. In the first four months of this year, China’s new direct investment in Africa reached US$1.38 billion, up 24% year on year.
