The Forum on China-Africa Cooperation (FOCAC) has been responsible for the flourishing economic and trade partnerships between Africa and China amounting to about $280 billion, Present Bola Ahmed Tinubu has said.
Tinubu said this Thursday while speaking at the 2024 Summit of the Forum on China-Africa Cooperation at the Great Hall of the People in Beijing, China.
He said the establishment of FOCAC in 2000 had strengthened China’s economic ties with Africa and reaffirmed their commitment to mutual progress.
He said: “What began at a China support for African nations independence has evolved into a rich, multifaceted partnership spanning trade, investment and diplomacy.
“Over years of our tide we have been solidified. We share through high level engagement, strategic agreement and a shared vision of growth.
“China has consistently demonstrated its commitment to Africa, not only through financial and developmental support, but also through cultural changes that bring our people closer and closer together.”
“The establishment of the Institute and Chinese cultural centers across Africa exemplifies the depth of our cultural function and shared learning. a landmark of our relationship came in year 2000 with the establishment of the FOCAC. This platform has been pivotal in strengthening our economic ties and reaffirming our commitment to mutual progress.
“Despite the global challenges we face, whether the economy or geographical, our partnership has stood firm, resolute and offering a powerful example of what can be achieved through respect for sovereignty and non-interference.
“One of the highest highlights of this collaboration. I think the flourishing Economic Partnership Trade between Africa and China has grown exponentially, reaching an estimated 280 billion US dollars.
“This impressive figures speak volumes about the extent of our economic relationship and expanding integration of our market. I say China’s Belt and Road Initiative, align with the Africa’s own infrastructure goals under the African continental Free Trade Agreement.
“This offers even a greater promise. The success of FOCAC and our broader partnership emphasizes the importance…that global progress is not a zero sum game. By working together and joining hands and looking for that win-win solution, we create opportunities for success, people, development and shared prosperity,” Tinubu added.
….Chinese President Xi Jinping pledges $50 billion financial support, military aid for Africa
President Xi Jinping of the Republic of China Thursday announced $50 billion in financial support for the Africa in addition to military aid.
Speaking at the opening ceremony of the 2024 Summit of the Forum on China-Africa Cooperation (FOCAC) at the Great Hall of the People in Beijing, President Xi said China appreciates its ties with African nations.
He said there was the need for China and Africa to rally their populations together to become a powerful force and write a new chapter in global peace, prosperity and progress.
The Chinese leader also pledged another $280 million in aid to African countries while proposing partnership actions to jointly advance modernisation with Africa.
According to President Xi, the 10 actions, to be implemented in the next three years, cover areas of mutual learning among civilisations, trade prosperity, industrial chain cooperation, connectivity, development cooperation, health, agriculture and livelihoods, people-to-people and cultural exchanges, green economic development and common security.
“To implement the 10 partnership actions, the Chinese government will provide RMB360 billion yuan of financial support through the next three years.
”This breaks down into RMB210 billion yuan of credit line, RMB80 billion yuan of assistance in various forms, and at least RMB70 billion yuan of investment in Africa by Chinese companies.
”In addition, China will encourage and support Africa in issuing panda bonds in China to enhance our results-oriented cooperation in all areas,” he said.
The Chinese leader proposed that the overall characterisation of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era.
”Thanks to nearly 70 years of tireless efforts from both sides, the China-Africa relationship is now at its best in history.
”With its future growth in mind, I propose that bilateral relations between China and all African countries be elevated to the level of strategic relations, and that the overall characterization of China-Africa relations be elevated to an all-weather China-Africa community with a shared future for the new era,” he said.