Chinese investment in Africa hits $1.8b in 1st half of 2023

Release time：2024-05-21 11:26:24 Source：Global Grid news portal

A train is seen during a trial running of light rail transit system, which was jointly built by Chinese and Egyptian companies, in east of Cairo, Egypt, July 3, 2022.

China has seen robust investment growth in Africa over the years and is ready to continue to work with the continent to further advance bilateral cooperation in investment, said a senior official with the Ministry of Commerce on Tuesday in Beijing.

During the launch of a report on Chinese investment in Africa, Wang Dong, deputy head of the ministry's Department of Western Asia and African Affairs, said China has made over $1.8 billion of direct investment in Africa in the first half of this year, a year-on-year increase of 4.4 percent.

He said Chinese companies have carried out infrastructure projects worth over $400 billion in Africa.

Also, companies have expanded their investment in the continent from traditional sectors, including construction, mining and manufacturing, to emerging industries, such as logistics, digital economy, clean energy, health, green development and finance, Wang said.

China has been Africa's largest trade partner for 14 consecutive years. Bilateral trade last year saw a year-on-year increase of about 11 percent and reached $282 billion, the Ministry of Commerce said.

Wu Peng, head of the Foreign Ministry's Department of African Affairs, said during the launch that China has been working to promote Africa's industrialization through investment cooperation with the continent.

China's investment has served to help Africa enhance its ability to pursue independent development, Wu said, adding that China supports Africa in seizing opportunities in the technological revolution and enhancing its smart and green development.

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