(FOCAC)China-Africa investment cooperation promotes Africa's industrialization: report

BEIJING, Aug. 23 (Xinhua) -- China-Africa investment cooperation has provided a new impetus to Africa's industrialization, said a report released by the China-Africa Business Council on Friday.

"China is the largest developing country investing in Africa, and China-Africa investment cooperation has been growing steadily," said the 2024 Chinese Investment in Africa report.

"Through market-oriented investment, infrastructure investment and investment in new fields, Chinese enterprises are improving Africa's industrial system, promoting the progress of Africa's industrialization and upgrading its quality," said the report.

Specifically, the report said Chinese investment in infrastructure strengthens Africa's foundation for industrialization and development, the market-oriented investment improves local industrialization systems, and investing in new fields promotes Africa's industrial transformation, upgrading and efficiency.

In terms of investment, China-Africa investment cooperation has grown steadily, official data showed. As of the end of 2023, China's direct investment stock in Africa exceeded 40 billion U.S. dollars, making it one of Africa's major sources of foreign investment, according to the Ministry of Commerce.

In the past three years, the economic and trade cooperation zones that Chinese firms have invested in and built in Africa, in sectors such as agriculture, processing and manufacturing, trade logistics and other industries, have attracted more than 1,000 companies and helped increase Africa's tax revenues and foreign exchange earnings from exports, Assistant Minister of Commerce Tang Wenhong said on Tuesday, adding that Chinese companies have created more than 1.1 million local jobs during the period.

The report came ahead of the 2024 Summit of the Forum on China-Africa Cooperation scheduled in Beijing, from Sept. 4 to 6.