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Inside Deals Sealed During China -Africa Trade Expo

Inside Deals Sealed During China-Africa Trade Expo

The 3rd China-Africa Trade Expo took place in Changsha China, with the two parties reporting huge economic milestones in deepening ties.

During the high level vent, representatives from both sides signed 120 projects, valued at $10.3 billion. 

The event that ran from the 29th of June to the 2nd of July 2023.

In addition, leaders from Chin and Africa announced 99 cooperation projects, worth about $8.7 billion.

Notably, there were 74 matchmaking projects with 11 African countries, the highest number of such projects ever. 

The China – Africa trade expo witnessed an unprecedented level of participation, with 1,700 foreign and over 10,000 domestic delegates and industry stakeholders.

Moreover, the exhibition, spanning four days, featured an impressive display of almost 1,600 diverse commodities originating from 29 different African countries. 

This marked a notable surge compared to the previous expo. The event also saw a significant rise in participation, with approximately 1,500 active exhibitors, representing a substantial increase of 70 percent from the previous session.

The bustling atmosphere was further intensified by the attendance of 9,000 buyers and professional visitors, making the total number of visitors surpass 100,000, highlighting the event’s popularity and success.

China Wooing Africa

The expo played a crucial role in strengthening the collaboration between China and Africa, leading to remarkable accomplishments for both sides. 

In his speech at the opening ceremony, Chinese Vice President Han Zheng said that China firmly supports Africa, and they will foster a closer China-Africa Community with a shared future. 

“China is willing to provide new opportunities for Africa through Chinese modernization and high-quality development, and will make the pragmatic cooperation between the two sides deeper and more solid,” Zheng said. 

According to the China-Africa Cooperation Vision 2035, China is set to invest a further $60 billion in Africa to support the agriculture, manufacturing, infrastructure, environmental protection and digital economy sectors, among others. 

Song Wie, a professor at Beijing also noted that the expo will increase investment from Chinese companies to Africa, which will be beneficial in reviving the economies after the covid pandemic. 

The expo also provided an avenue for knowledge and technology transfer from China to Africa, helping African entrepreneurs gain new skills and improve their productivity.

The US and China are scrambling for Africa, with Asia wooing the continent with loans and infrastructural funding.