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China is aiming to bolster its influence in Africa as its investments in the region have seen a drop in recent years, largely due to the debt overhang of several African nations. In this context, a new edition of the Forum on China-Africa Cooperation (FOCAC) Summit is scheduled for fall 2024 in Beijing.
Chinese Foreign Minister Wang Yi declared that the summit seeks to initiate fruitful talks between Chinese and African leaders on the development of bilateral economic relations and the exchange of governance expertise. He underlined that this summit will strengthen the traditional friendship between China and Africa, deepen solidarity and cooperation, and open up new prospects to accelerate common development.
Background of rivalry
According to Wang Yi, African nations are recognising that externally imposed models have not brought the required stability and prosperity. China is dedicated to supporting a truly independent Africa in thought and ideas and will continue to firmly stand with African countries.
This summit will take place in a context characterised by growing rivalry between China and the great Western powers, in particular the United States and the European Union, in Africa. US Secretary of State Antony Blinken toured Africa last January, and US President Joe Biden promised to inject $55 billion into Africa over three years.
China, Africa’s first partner
Despite the drop in investments, China stayed Africa’s largest trading partner, with a trade volume of more than $282 billion in 2023. Nevertheless, its investments in infrastructure construction, funded by loans, have fallen in recent years due to the overindebtedness of several African countries.
China aims to explore new avenues to strengthen its influence in Africa and consolidate its economic relations with the region. The FOCAC Summit provides an essential platform for Chinese and African leaders to discuss ways to strengthen cooperation and promote mutual development.
China therefore hopes to preserve its status as a key economic partner of Africa and strengthen its ties with the countries of the continent in the face of growing competition from other major powers.
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