China, Africa to tap potential of economic partnership

RABAT - Delegates have expressed strong will to reach the full potential of China-Africa economic partnership, as the second China-Africa Investment Forum (CAIF) closed on Tuesday in the Moroccan city of Marrakech.

This commitment was made during the second CAIF, which gathered some 500 high-level Chinese and African business leaders, and came to facilitate business meetings between the main stakeholders of trade and investment of China and African countries.

It dedicated lectures and debates to the financial implications for African economies of the new Silk Road and how to capitalize on this new dynamic aimed at making the continent a true industrial platform.

Alongside the conferences, practical workshops provided insights and keys to understanding Chinese and African economic policies and operational environments.

"The hosting of this large event is part of a proactive and strategic approach carried out at the highest level of the Moroccan state. It aims to endorse South-South cooperation and realize the full potential of the Morocco-China-Africa partnership," Hafid Elalamy, minister of Industry, Trade, Investment and the Digital Economy of Morocco said during the event.

The event discussed means to stepping up investment, encouraging partnerships in new growth-enhancing sectors, fostering co-production and local industrial sourcing, identifying common interests between China's investment strategies and Africa's economic priorities, and creating the financial and legal framework that will promote trade and industrial success.

It has taken China less than 20 years to become Africa's main economic partner. With over 10,000 companies active on the continent, the value of its trade with Africa reaches $190 billion in 2016. It now exceeds that of India, France and the United States combined.

Nevertheless, there is still considerable potential for growth in the China-Africa economic partnership. According to McKinsey, revenues generated in Africa by Chinese companies could increase by 144 percent by 2025.