By Talibeh Hydara
The capital of Hunan Province, Changsha, was the host of the third China-Africa economic and trade economic expo which concluded with a record value.
The four-day expo, held from 29th June, attracted thousands of investors and resulted in a record 120 cooperative projects.
Addressing the opening ceremony, Lazarus McCarthy Chakwera, the president of Malawi, said the partnership between Africa and China is indispensable in global economy.
“This third China Africa economic and trade expo, commencing today in this magnificent city is a defining moment for the global economy in my view. It puts on display an indisputable fact. And that fact is that China and Africa are not only indispensable players in the global economy but they are also partners in the shared and common pursuit of prosperity against many structural causes stacked against them,” he said. “Together, China and Africa represent 1/3 of the global population, which translates to 1/3 of the world’s consumers of goods and services that are traded anywhere in the world.
In that context, China and Africa represent 1/5 of the world’s GDP. Now, while this means that the multifaceted partnership between China and Africa in developmental and economic matters is a reality that no one can waste your way.”
The Malawian president emphasised that Africa has still not fully tapped into the potentials of the partnership with China.
“We must also recognize the fact that we have only scratched the surface of this partnership’s potential for the growth and the health of the global economy. And for this reason, I must thank His Excellency Xi Jinping, President of the People’s Republic of China for initiating the establishment of the China Africa economic and trade expo at the third summit of the Forum on China Africa Cooperation in September 2018.
To see that vision culminate in yet another colorful expo here is an inspiration to all of us in this regard. I must also commend the government and the people of China for keeping this vision alive by organizing and hosting this expo,” he added.
Han Zheng, the vice president of China, was impressed with the China-Africa partnership, which he said has played an important guiding role in South-South cooperation.
Han Zheng urged the participants to take part in the events of the CAETE, “to jointly write a new chapter of high-quality development of China-Africa economic and trade cooperation and jointly share the new future of development and prosperity in a new era.”
A total of 120 projects were signed at the expo, with a value of $10.3 billion, according to Global Times. Some 99 cooperation projects were announced, with a value of $8.7 billion, including 74 matchmaking projects with 11 African countries, the highest number ever. The expo attracted 1,700 foreign and over 10,000 domestic participants, making the largest attendance ever.
Nearly 1,600 categories of goods from 29 African countries were exhibited, an increase of 166 percent over the previous edition, while the number of exhibitors recorded an increase of 70 percent over the previous edition to 1,500.