Chinese FM says implementation of Africa industrialization plan underway

It added that Buhari commended the theme of the Second Summit, “China-Africa Progressing Together: Win-Win Cooperation for Common Development” and expressed optimism that it would engender the right platform to engage Africa in such fields of human endeavours as provision of essential infrastructure, skills development and capacity building, diversification of economies and beneficiation of resources.

Representing South African businesses, Black Business Council Chief Executive Mohale Ralebitso said the forum was important as it enabled participation of business leaders, academics and senior government officials from Africa and China.

Since then, China’s trade with Africa has overtaken that of the traditional partners of Europe and the United States.

A photo shows Chinese President Xi Jinpng is delivering a speech at the Forum on China-Africa Cooperation(FOCAC) in Johannesburg on December 4, 2015.

The electricity crisis in South Africa has increased costs for industry and discouraged investment.

Can Chinese migrants integrate in Africa? “In conducting China’s relations with Africa, we adhere to the principles of sincerity, practical results, affinity and good faith and uphold the values of friendship, justice and shared interests”, said President Xi.

Despite its economic woes back home, China is still expected to flex its financing and investment prowess.

“Over the years, it has transformed its economy and everyone is now looking to China”.

“The African Union has adopted Agenda 2063 and its first Ten-Year Implementation Plan. During the upcoming summit, leaders of China and Africa will gather in South Africa to discuss the ways to further align China and Africa’s development strategies and map out the new blueprint for China-Africa cooperation”.

China has extended a series loans to countries in Africa in the past few years. “Priorities will be given to address two major bottlenecks constraining Africa’s development, namely the backward infrastructure and the lack of professionals”, he said.

According to economist Aubrey Hruby, the $60bn pledge is three times as much as the package promised at the last China Africa cooperation summit in 2012.

President Xi Jinping led the signing of 26 agreements and loan deals with South Africa worth a total of 94 billion rand ($6.5 billion), aimed at putting up infrastructure in the continent’s most industrialized nation, the Shanghai Daily reported.

During the course of the two-day Forum on China-Africa Cooperation (FOCAC), the African leaders praised Beijing for facilitating the entry in Africa of some 3,000 Chinese companies, which have in return invested 3 trillion dollars in various African countries.