China pledges to boost cooperation with Africa, Invest $51.4 Billion by 2027

September 7, 2024

By Samuel Ogunsona

Chinese President, Xi Jinping, moves to strengthen its ties with Africa, as he announced plans to expand cooperation with the continent and invest a staggering $51.4 billion by 2027.

This commitment is expected to further solidify China’s position as a key partner for African countries.

The investment will focus on various sectors, including infrastructure development, trade, and industrialization. China aims to enhance its collaboration with Africa in areas such as transportation networks, energy, and telecommunications.

This pledge comes as China seeks to bolster its influence in Africa, where it has already established a strong presence through various initiatives, including the Belt and Road Initiative (BRI). The investment is expected to create new opportunities for economic growth, job creation, and skills development in Africa.

China’s cooperation with Africa has been growing steadily over the years, with trade between the two reaching $254 billion in 2020. This new investment commitment is set to take their partnership to the next level, with far-reaching benefits for both parties.

However, nine African countries namely, Libya, Mali, Comoros, Togo, Djibouti, Seychelles, Chad, Malawi, and Mauritania have signed agreements to elevate their diplomatic relations with China to a strategic partnership level.

Additionally, countries like Nigeria and Cameroon have established comprehensive strategic partnerships with China.

South African President Cyril Ramaphosa has taken it a step further by signing a “new era comprehensive strategic cooperative partnership” with China, marking the highest level of cooperation between China and an African country.

Two key documents were signed during the Forum on China-Africa Cooperation: the “Beijing Declaration” and the “Beijing Action Plan (2025-2027)”. These agreements aim to strengthen China-Africa ties, promote multilateralism, and support African modernization.

China’s Foreign Minister Wang Yi emphasized the importance of listening to Africa’s voice and promoting multilateralism. He also highlighted China’s support for African countries joining international organizations and institutions.

African countries expressed gratitude for China’s backing of the African Union’s entry into the G20 and welcomed China’s openness to more African countries joining the BRICS group.

The agreements aim to increase African exports to China, eliminate customs barriers, and provide financial support for small and medium-sized enterprises. China and Africa are set to face global challenges together, promoting cooperation and consensus in the international community.

As China and Africa prepare to embark on this new chapter of cooperation, expectations are high for the transformative impact it will have on the continent’s economic landscape.