{"id":29292,"date":"2024-09-02T15:54:00","date_gmt":"2024-09-02T15:54:00","guid":{"rendered":"https:\/\/www.prnasia.com\/story\/archive\/4495663_AE95663_0"},"modified":"2024-09-02T15:54:00","modified_gmt":"2024-09-02T15:54:00","slug":"cgtn-china-africa-set-to-embrace-closer-economic-trade-ties-at-focac","status":"publish","type":"post","link":"https:\/\/transmediavictoria.net.au\/?p=29292","title":{"rendered":"CGTN: China, Africa set to embrace closer economic, trade ties at FOCAC"},"content":{"rendered":"

BEIJING<\/span>, Sept. 2, 2024<\/span> \/PRNewswire\/ — Located 95 kilometers southeast of Addis Ababa<\/span>, in the heart of the East African Rift, the Adama Wind Power Project stands tall with its impressive 80-meter-high white turbines. The project, built by Chinese companies, is a landmark in the partnership between China<\/span> and African countries.<\/p>\n

Since they started operating in May 2015<\/span>, the wind turbines have been a vital source of power for about 600,000 households. They have helped ease Ethiopia’s<\/span> power shortages, reduced the need for diesel generators and supported economic growth. Around 2,100 local jobs were created and several universities are involved in training and maintenance. This hands-on experience has prepared many for future roles in Ethiopia’s<\/span> wind energy sector.<\/p>\n

Adama city has also seen significant growth, with its population rising from 324,000 in 2015 to over 480,000 in 2023. Improved infrastructure and investment have attracted businesses from various countries, leading to rapid changes in the city’s landscape. For nearby villagers, improvements in transportation, reliable electricity, and enhanced access to education and healthcare have greatly elevated their quality of life.<\/p>\n

Chinese firms have brought advanced green technology to Ethiopia<\/span>, helping the government meet its renewable energy goals. And the collaboration has also contributed to a green transformation and the global fight against climate change.<\/p>\n

China<\/span> and African countries have enjoyed a friendship since World War II, and recent years have seen increasing collaboration through initiatives like the Belt and Road Initiative (BRI). From railways and roads to wind farms and power stations, as well as schools and hospitals, China<\/span>-assisted infrastructure projects have supported African economic development across the continent.<\/p>\n

The Addis Ababa<\/span>–Djibouti<\/span> railway, a transport artery connecting Ethiopia<\/span> and Djibouti<\/span>, for example, has greatly cut travel times, reduced logistics cost and boosted local economic growth. To date, the railway has transported 680,000 passengers and 9.5 million tonnes of cargo, with an average annual growth rate of 39 percent in revenue.<\/p>\n

According to the white paper “China<\/span> and Africa<\/span> in the New Era: A Partnership of Equals” released by China’s<\/span> State Council in 2021, since the establishment of the Forum on China-Africa Cooperation (FOCAC) in 2000, Chinese companies have helped African countries build or upgrade more than 10,000 km of railways, nearly 100,000 km of highways, roughly 1,000 bridges, almost 100 ports, and 66,000 km of power transmission and distribution.<\/p>\n

Closer economic and trade ties<\/b><\/p>\n

Aside from BRI projects, China<\/span> and African countries have also developed closer economic and trade ties with ever-increasing trade volume, diversified commodities and services. China<\/span> has been Africa’s<\/span> largest trading partner for 15 consecutive years. Data from China’s<\/span> General Administration of Customs showed that China<\/span>–Africa<\/span> trade reached a record high of $282.1 billion<\/span> in 2023, up 1.5 percent year on year, and trade between China<\/span> and Africa<\/span> rose 5.5 percent year on year to 1.19 trillion yuan<\/span> (about $166.6 billion<\/span>) between January and July.<\/p>\n

According to Sang Baichuan, dean of the Institute of International Economy at China’s<\/span> University of International Business and Economics, China<\/span>–Africa<\/span> trade has grown rapidly as a result of win-win cooperation. He said that the Chinese economy and the economies of African countries are highly complementary, as China<\/span> possesses mature and applicable technologies, equipment, and sufficient capital, while African countries have significant advantages in terms of manpower and natural resources.<\/p>\n

“Strengthening trade ties between China<\/span> and Africa<\/span> is beneficial in leveraging their respective advantages and vast markets, achieving mutual benefits, and win-win development,” said Sang.<\/p>\n

Diane Sayinzoga, a senior official with the United Nations Conference on Trade and Development (UNCTAD), also spoke highly of the China<\/span>–Africa<\/span> trade partnership, saying it has facilitated major infrastructure projects that are crucial for the economic integration and growth of the African continent.<\/p>\n

She added that China’s<\/span> assistance is also aligned with UNCTAD’s goals of promoting Africa’s<\/span> sustainable development by enhancing its manufacturing capacities, increasing trade opportunities, fostering economic diversification, and integrating African countries into the global value chain.<\/p>\n

Beijing<\/span> is set to hold the 2024 FOCAC Summit from September 4 to 6<\/span>. Experts say the forum will be a crucial opportunity for China<\/span> and Africa<\/span> to deepen their economic and trade relationships, achieving mutual benefits and advancing shared development goals.<\/p>\n

“FOCAC has led to numerous agreements on investment, trade and development projects between China<\/span> and African countries to achieve shared development goals, which are perfectly in line with UNCTAD’s mission,” Sayinzoga said.<\/p>\n

https:\/\/news.cgtn.com\/news\/2024-08-30\/China-Africa-set-to-embrace-closer-economic-trade-ties-at-FOCAC-1wuF1bzTjVe\/p.html<\/a><\/u><\/p>\n","protected":false},"excerpt":{"rendered":"

BEIJING, Sept. 2, 2024 \/PRNewswire\/ — Located 95 kilometers southeast of Addis Ababa, in the heart of the East African Rift, the Adama Wind Power Project stands tall with its impressive 80-meter-high white turbines. The project, built by Chinese companies, is a landmark in the partnership between China and African countries. Since they started operating […]<\/p>\n","protected":false},"author":8,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[20],"tags":[],"class_list":["post-29292","post","type-post","status-publish","format-standard","hentry","category-business-news"],"yoast_head":"\nCGTN: China, Africa set to embrace closer economic, trade ties at FOCAC - My Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/transmediavictoria.net.au\/?p=29292\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CGTN: China, Africa set to embrace closer economic, trade ties at FOCAC - My Blog\" \/>\n<meta property=\"og:description\" content=\"BEIJING, Sept. 2, 2024 \/PRNewswire\/ — Located 95 kilometers southeast of Addis Ababa, in the heart of the East African Rift, the Adama Wind Power Project stands tall with its impressive 80-meter-high white turbines. 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