The Eighth Conference of Chinese and African Entrepreneurs is held on 6 September 2024 in Beijing (XINHUA) 

Business leaders from China and Africa shared their experiences and explored future cooperation opportunities at the Eighth Conference of Chinese and African Entrepreneurs held on 6 September in Beijing. They discussed the prospects of China-Africa economic cooperation and the new opportunities the 2024 Forum on China-Africa Cooperation (FOCAC) Beijing Summit is likely to present for their business. ChinAfrica talked to some of the attendees to learn about their views.  

Abubakary Jawara, chairman of GACH Global Group, Gambia, did business in Guangzhou from 2003 to 2015 and then returned to Gambia. “This time, I can clearly feel that China is very different, and the Chinese market is becoming more and more open.”  

He said now is the best time for China-Africa cooperation. China has taken the initiative to expand its market opening and grant zero-tariff treatment to 100 percent of the products from all least developed countries that have established diplomatic relations with China, including 33 African countries.  

“We should take advantage of the mutually beneficial cooperation between China and Africa, and cooperate with Chinese companies or directly invest and start business in China,” he said. 

Mohamed Ould A. Noueigued, president of National Bank of Mauritania, said that for China-Africa trade transactions, it is too costly to convert African local currencies into US dollars and then convert them into the Chinese yuan. National Bank of Mauritania is strengthening connectivity with Chinese banks to make it easier for the traders to make payments.  

According to the data from the General Administration of Customs, in the first seven months of 2024, China's trade with Africa in intermediate goods posted a growth of 6.4 percent year on year, accounting for 68 percent of the total value of bilateral trade, which assisted Africa in its process of industrialisation and economic diversification. Behind this, finance played an important role. 

Mouhadji Lam, vice president of WHC Corp., a Mozambican holding company and one of the largest national players in industry and trading based in Nampula, said that he was optimistic about China-Africa cooperation. “The theory and practice of Chinese modernisation has provided a paradigm that can be borrowed for Africa’s path to modernisation.” 

“China achieved significant economic growth after the reform and opening up, rapidly becoming the world's second-largest economy. This experience is particularly significant to Africa,” he told ChinAfrica. “What’s more important, China teaches underdeveloped African countries how to provide for themselves - teaching them to fish, not just giving them the fish.” 

Feng Qiang, executive secretary general of the China-Africa Business Council, said that President Xi Jinping’s important keynote speech at the opening ceremony of FOCAC Beijing Summit has drawn a new blueprint for China-Africa cooperation in the new era and pointed the direction for the future development of the China-Africa Chamber of Commerce and its member companies.

“We are willing to work with all partners to continue to help Chinese companies, especially private companies, to deepen cooperation with African parties in the fields of industry, agriculture, infrastructure, trade and investment, and create more high-quality benchmark projects for the joint construction of the Belt and Road,” he said.

He believes that China-Africa cooperation has great potential. Currently, the council serves more than 3,000 companies. “We hope member companies can firmly grasp this major opportunity and contribute positively to building an all-weather China-Africa community with a shared future in the new era.” he told ChinAfrica. 

Ulrich Freddie Gaoseb, commercial counsellor at the Embassy of the Republic of Namibia, said he was very excited to hear that Chinese President Xi announced 10 partnership actions that China will take with Africa to advance modernisation in the next three years. “Agriculture was again emphasised in his speech. In Africa, food security is very important,” he said. “China, which has been successful in feeding its 1.4 billion people and lifting hundreds of millions out of poverty, is expected to play a key role in helping Africa to address food insecurity by engaging in intensified bilateral cooperation in agricultural technology.”