Nigerian economy and economy of other African nations is about to receive a boost as Beijing set to host a China-Africa leadership summit from September 4 to 6, 2024.
The about 50 African Leaders who arrived Beijing, Monday are expected to discuss further cooperation and joint modernization.
Summitpost learnt it is the fourth leadership-level gathering of the Forum on China-Africa Cooperation,FOCAC, since its establishment in 2000 and comes six years after the last summit, also held in Beijing.
According to China’s Minister of Foreign Affairs Wang Yi , “Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future,” the summit is expected to cover infrastructure and trade cooperation, green development, global governance, and concessional financing — financing provided by institutions such as development banks at below market rates.
Meanwhile, ahead of the event scheduled for Sept. 4 to 6, President Xi Jinping held bilateral meetings with African counterparts including leaders.
“China and Africa will define a new positioning for Sino-Africa relations at the summit and announce a series of major initiatives in jointly promoting modernization,” Xi said during a meeting with DRC President Felix Tshisekedi on Monday morning, according to a foreign ministry statement.
The Chinese president will deliver a keynote speech at the summit’s opening ceremony on Thursday, while ministerial and other senior official-level meetings will be held Monday and Tuesday, the foreign ministry previously noted.
Also, China’s Vice Foreign Minister Chen Xiaodong had on August said officials are expected to discuss topics including state governance, industrialization and agricultural modernization, peace and security, and Belt and Road cooperation.
China-Africa economic and trade relations continue to grow, with trade volume reaching a record high of $282 billion in 2023 with a 1.5% increase year-on-year.
Observers expect future collaboration in areas including industrial development through investment, and the digital economy to enhance Africa’s position in the global industrial chain, according to media reports.
With many regions in Africa being among the most vulnerable to climate change, green products have been a focus of trade. In 2023, China’s exports to Africa of new-energy vehicles, lithium batteries and solar products increased 291%, 109%, and 57%, respectively year-on-year, according to data from the Ministry of Commerce.
China has been the continent’s largest trading partner for the past 15 years and a major source of foreign investment. Chinese companies investing and operating in Africa have created over 1.1 million local jobs in the past three years, China’s Assistant Minster of Commerce Tang Wenhong said during a press conference in late August.
Areas of investment range from traditional industries such as construction, mining, manufacturing, retail and agriculture to emerging sectors including logistics, digital economy and clean energy.
The FOCAC was launched by China and African countries to address economic challenges while seeking common development. It currently includes 54 member countries.