Pak Sahafat – In a report, Print news site discussed China’s efforts to develop infrastructure and economic growth in Africa and wrote that the Black Continent can surpass Asia in terms of economic growth by 2027.
According to Pak Sahafat News Agency’s report on Wednesday, citing this news site, the close cooperation between the Standard Bank of Africa and the Bank of Industry and Commerce of China has enabled the Black Continent to make efforts for economic prosperity in this region.
Governor Bank, as one of the largest financial centers in terms of assets, considers cooperation with China important and vital in the growth and development of the African continent.
According to the officials of this bank, the 15-year cooperation of this center with China Bank of Industry and Trade has created a favorable environment for progress in trade and investment between Africa and China in the world.
For example, in 2022, the Standard Bank has facilitated $600 million worth of trade flows between Africa and China.
This strategic and mutually beneficial partnership has led to the expansion of relations between China and Africa and has enabled African businesses to access the largest and most dynamic market in the world.
In the past three decades, the close relations between China and Africa in the fields of mining and commodities have been clearly evident. In this period of time, China’s use of the mineral resources of the African continent has enabled this Asian country to become a modern industrial giant and global economic superpower.
Also, Africa has been able to move its economy forward by using the investments made by China and expanding exports.
To date, Standard Bank has activated more than 3,500 state-owned and especially Chinese companies in 15 markets in Africa.
Chinese private sector investment operating in a wide range of African sectors has significantly increased Africa’s ability to import and use the technology and skills needed to build its economy.
This will also increase Africa’s ability to leverage global investment in other markets.
According to the estimates made by the International Monetary Fund, the African continent will experience an average growth rate of 4.2% from 2024, which is higher than the average predicted by the world.
The International Monetary Fund also predicts that by 2027, Africa will replace Asia as the fastest growing region in the world.
On the other hand, African leaders are trying to turn the black continent into the agricultural hub of the world.
With China’s investment in and empowerment of sustainable African agriculture, Africa’s agricultural sector will be able to use its abundant uncultivated arable land to supply China’s rapidly evolving consumer economy.
According to the report, Africa continues to play an important role in supplying minerals and other commodities, especially those needed for the next generation of renewable energy technologies.
On the other hand, when Africa makes efforts aimed at economic growth, energy supply, health care, infrastructure or industrialization, the continent’s cooperation with China can play an important role in Africa’s development.
Also, China, as a leading country in the field of renewable energy technology and production, can play an important role in creating energy ecosystems, growth and future prosperity in Africa.