By Tom Pauken II.
BEIJING, Sept. 3 (Xinhuanet) -- The highly-anticipated 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) will be held in Beijing from September 4 to 6.
Themed in "Joining Hands to Advance Modernization and Build a High-Level China-Africa Community with a Shared Future", this year's summit is expected to gather leaders of China and many African countries. And the Chairperson of the African Union Commission will lead delegations to participate in the Summit. The UN Secretary-General will be a special guest and relevant international and regional organizations will also attend the Summit as observers.
Additionally, this year's Beijing summit can deliver a big boost to China-Africa trade and investment ties that have already ushered in greater peace and prosperity for our world today.
Meanwhile, China-Africa economic cooperation has witnessed robust times in the past decades, bringing about win-win financial results for a rising number of African and Chinese companies. China's objectives for shared prosperity have supported higher annual economic growth rates, while jump-starting the industrialization, urbanization and modernization drives of African nations overall.
With the enhanced cooperation between China and Africa, African countries have made a big stride forward with high-quality infrastructure development that has dramatically improved the living conditions, swept in more social stability and blown in a wave of harmony for the African people at large.
At the summit, dignitaries will join in on forums to address major topics of concern for the Chinese and Africans as they embark on a new era of golden relations.
Rising tide of friendship sweeps in fruitful results
The summit will hold a welcoming banquet, an opening ceremony, and four high-level meetings on state governance, industrialization and agricultural modernization, peace and security, as well as high-quality Belt and Road cooperation. The summit agenda also includes the eighth Conference of Chinese and African Entrepreneurs and other related activities.
China also plays a crucial role in the United Nations' South-South Cooperation agenda that helps countries of the developing countries to move forward on more robust economic development by supporting new infrastructure.
Many African nations stand eager to move forward on the path of prosperity by working closely with China to build more roads, railroads, bridges and so much more in order to accelerate modernization process.
African countries can and will succeed as key drivers of global economic growth in the decades to come, while China lends them a helping hand. The summit is aimed to bridge closer connections between China and Africa at all levels, including governments, business communities, and social communities.
FOCAC serves as the platform for Chinese and African stakeholders to seek areas of common ground for supporting each other. The African economy has witnessed stable annual growth rates by having warmer business ties with Chinese companies and investors.
Shared prosperity benefits African economy
China has been Africa's largest trading partner for 15 consecutive years. Last year alone, China-Africa trade surged to 282.1 billion U.S. dollars, beating the history's best for a second consecutive year. Accordingly, China's total imports amount of African agricultural produces had seen a positive growth for seven consecutive years, enriching Chinese consumers' choices on their dining tables.
China-Africa investment cooperation has also risen steadily. As of the end of 2023, China's foreign direct investment (FDI) in Africa exceeded 40 billion dollars. The capital resources generate cycles of prosperity for local communities in Africa.
Chinese companies have created over 1.1 million local jobs in Africa in the past three years, while Chinese enterprises have invested into and built economic and trade cooperation zones in Africa.
Chinese investors are placing big stakes into Africa's agriculture, processing and manufacturing, trade logistics and other industries, as well as boosting Africa's tax revenues and foreign exchange earnings from exports in the process.
Additionally, the Belt and Road Initiative (BRI), which was proposed by China in 2013, has driven China's FDI directed towards transportation, energy and mining infrastructure in Africa. Chinese construction companies are building major infrastructure in Africa and that's so crucial for Africa's modernization drives.
The cross-border trade and investment figures between China and Africa stand as a remarkable testament to their enduring bonds. The summit will deliver even better results for strengthening China-Africa business relations.
Looking forward to 2024 Summit
Africa will play a larger role on the world stage in the near future. Africa has a young and rising population, while its lands are so rich in natural resources. The climate overall makes it bountiful for farmers and ranchers in the agricultural sector.
Yet, we could see African nations promote the development of manufacturing, while embarking on rapid progress with its modernization. These are creating ripe conditions for Chinese companies to jump into the African market.
Many Chinese firms have already placed a deep footprint in Africa and this year's summit can inspire more two-way trade cooperation and investment between China and Africa.
FOCAC is the bridge builder that connects the two peoples. China's rise in recent decades has been remarkable. Africans have witnessed it and they wish to increase their prosperity as well. With greater Chinese-African cooperation, we will better understand the truth of the statement, "a rising tide lifts all boats." (Enditem)
