Chinese Foreign Ministry spokesperson Wang Wenbin Photo: mfa.gov.cn
China’s investment in Africa meets the continent’s development needs and has delivered benefits to both peoples, Chinese foreign minister spokesperson Wang Wenbin told a press conference on Friday, adding that Chinese investment in Africa will continue to increase thanks to efforts from both sides to expand cooperation.
The latest Africa’s Dynamic Development Report, which is jointly released by the OECD and the African Union, showed that from 2017 to 2022, China’s greenfield foreign direct investment (FDI) in Africa reached 74 billion yuan ($10.14 billion), accounting for 18 percent of the global greenfield FDI inflows into Africa, and in the same tier with Europe and the US.
“We have noted the report. Africa is a continent of opportunities and a promising land for investors,” Wang said, when asked by the Global Times to comment on the report on Friday. “In recent years, with guidance and attention from Chinese and African leaders, investment cooperation between our two sides has come a long way.”
China’s investment in Africa has seen steady growth and enjoys broad prospects. In the first half of this year, China added $1.82 billion in FDI to Africa, up by 4.4 percent year-on-year. Chinese companies have growing confidence in the African market. More than 3,000 Chinese enterprises have invested deeply in Africa, of which over 70 percent are private companies, the mainstay of Chinese investment in Africa, according to Wang.
Some Western officials and media outlets have been smearing Chinese investments in Africa by making baseless accusations against Chinese projects, in an apparent attempt to undermine China-Africa cooperation; however, Chinese investments in the continent has and will continue to increase amid growing ties, Chinese officials and analysts have said.
“With accelerated progress in the African Continental Free Trade Area, Chinese companies will find more facilitation and new opportunities as they explore and invest more in the African market and add fresh dynamism to high-quality cooperation between China and Africa,” Wang said, noting that Chinese investments bring great benefits to the locals, in terms of job opportunities and other areas.
At many Chinese companies operating in Africa, over 80 percent of the staff are local employees. Chinese companies have given back to local communities by building bridges and roads, drilling wells and installing street lights. At the same time, they have increased technology transfer, local procurement and personnel training in Africa, and helped modernize the continent’s agricultural, manufacturing and services sectors, upgrade its manufacturing and processing techniques, and create greater value-added, contributing significantly to the stability, development and prosperity of African countries.