China taps Africa at Morocco Silk Road investment forum
A two-day investment forum opened in Morocco’s Marrakesh on Monday as China seeks to revive ancient Silk Road trade routes from Asia to Europe and Africa.
Posted by Times News on Tuesday, 28th November 2017
The 2nd edition of the China-Africa Investment Forum (CAIF) opened on 27th Monday in Marrakech, with the participation of more than 500 high-level economic decision-makers from China and Africa.
The forum held under the Patronage of HM King Mohammed VI, dedicates two days of conferences and debates to the financial implications for African economies of the new Silk Road and how to capitalise on this new dynamic aimed at making the continent a true industrial platform.
Alongside the conferences, practical workshops will provide insights and keys to understanding Chinese and African economic policies and operational environments.
"The question is how to accelerate cooperation in the field of investment," said Wang Yong, vice president of the China-Africa Development Fund.
The event brings together 400 business executives including 150 from China.
Morocco’s Industry Minister Moulay Hafid Ellalamy said China and Africa "share the same quest for development".
"The Silk Road initiative will change the map of international trade," he said, adding that trade and cooperation were already at "unprecedented" levels.
The "Belt and Road" initiative, unveiled by Chinese President Xi Jinping in 2013, envisages linking China with Africa, Asia and Europe through a network of ports, railways, roads and industrial parks.
"China needs Africa and Africa needs China. We want to tighten ties together," said Tony Dong, executive president of the Sino-European Entrepreneurs Federation.
He said Chinese came to Marrakesh "for investment opportunities.The Chinese make business partners all over the world," he added.
China is Africa’s key business partner, with trade reaching $190 billion in 2016, according to figures released at the forum: With more than 10,000 companies active on the continent generating $60 billion a year in industrial production, trade to the tune of $122 billion and non-financial direct investment that rose by 31% to reach $2.5 billion in last year. Today China is a most important trading partner for Africa.
Editor: Jian Ping Sun