A train is seen during a trial running of light rail transit system, which was jointly built by Chinese and Egyptian companies, in east of Cairo, Egypt, July 3, 2022. (PHOTO / XINHUA)
China has seen robust investment growth in Africa over the years and is ready to continue to work with the continent to further advance bilateral cooperation in investment, said a senior official with the Ministry of Commerce on Tuesday in Beijing.
During the launch of a report on Chinese investment in Africa, Wang Dong, deputy head of the ministry's Department of Western Asia and African Affairs, said China has made over $1.8 billion of direct investment in Africa in the first half of this year, a year-on-year increase of 4.4 percent.
He said Chinese companies have carried out infrastructure projects worth over $400 billion in Africa.
Also, companies have expanded their investment in the continent from traditional sectors, including construction, mining and manufacturing, to emerging industries, such as logistics, digital economy, clean energy, health, green development and finance, Wang said.
China has been Africa's largest trade partner for 14 consecutive years. Bilateral trade last year saw a year-on-year increase of about 11 percent and reached $282 billion, the Ministry of Commerce said.
Wu Peng, head of the Foreign Ministry's Department of African Affairs, said during the launch that China has been working to promote Africa's industrialization through investment cooperation with the continent.
Seizing opportunities
China's investment has served to help Africa enhance its ability to pursue independent development, Wu said, adding that China supports Africa in seizing opportunities in the technological revolution and enhancing its smart and green development.
Wu said China will continue to deepen mutually beneficial cooperation with African countries to contribute to economic recovery and growth in the world.
Ibrahima Sory Sylla, Senegal's ambassador to China, said Africa looks forward to more investment from China. Africa hopes that an increased number of Chinese companies, especially those in the private sector, will invest in the continent, the ambassador said.
The report on Chinese investment in Africa is the third of its kind and is part of an action plan China and Africa adopted in the Senegalese capital Dakar in 2021 under the framework of the Forum on China-Africa Cooperation.
According to the plan, China will issue the report on a regular basis.
Tuesday's release of the report followed the 16th Senior Officials Meeting of FOCAC, which was held a day earlier in Beijing.
Nearly 300 people, including officials and representatives of all 55 FOCAC members, attended the meeting, China's Foreign Ministry spokeswoman Mao Ning said.
During the meeting, the participants reviewed China's report on the implementation of the outcomes reached at the Eighth FOCAC Ministerial Conference and discussed the preliminary ideas for the FOCAC meeting scheduled for 2024, Mao said.
