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3 Sep 2018

China-Africa trade volume hit $116 billion

The Consul General of The Peoples’ Republic of China to Nigeria, Ambassador Chao Xiaoliang, has disclosed that trade volume between China and Africa reached $1116 billion in the first seven months of 2018 with an increase of 18.7 per cent.

Xiaoliang, said this in Lagos, while giving updates on the ongoing third Forum On China-Africa Cooperation (FOCAC), summit holding in Beijing, China. According to him, trade volume between the two sides reached $116 billion in the first seven months of 2018 with increase of 18.7 per cent, even as China’s exports hit $59.36 billion and imports reaching $56.81,thus, making China retain its position as Africa’s largest trading partner, since the year 2010.

“The two previous FOCAC had improved bilateral relations between China and Africa, with China establishing diplomatic ties with 52 African countries, maintaining high-level exchanges, and deepening strategic mutual trust”, Xiaoliang said, stressing that, “In 2017, trade volume between China and Africa reached $170 billion, with about two hundred increase fold from the volume in 1978.”
He further disclosed that China’s total non-financial investment in Africa in 2017 exceeded $100 billion, around 100 times than that of the year 2000 while in recent years, China’s direct investment to Africa stayed around $3 billion, with about 3,200 Chinese companies having investment in Africa on projects in transportation, energy, telecommunications, industrial zones among others.

“Up to date, China has helped to train more than 16,200 technicians in Africa, provided over 43,000 training opportunities in China and 20,000 government scholarship for African countries with the number still growing” Xiaolinag enumerated.

He said that the Summit in summary would make a new call to build an even stronger community with a shared future between China and Africa, write a new chapter for the alignment of the Belt and Road Initiative and the development of Africa, as well as connect the people of China and Africa as close as a family, which in turn, will set a new path towards a stronger China-Nigeria strategic partnership.

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