Why China Is Investing Massively In Africa - Expert
An international relations expert, Charles Kolawole has given reasons why the second biggest economy in the world, China, is massively investing in Africa, saying the role of China goes beyond trade and investment to offering alternative socio political models for development.
In a presentation at the University of Ilorin's post graduate departmental seminar, Kolawole explained that the Chino-African relationship has blossomed through trade with about $120 billion dollars' worth of trade flowing between Africa and China in 2014 alone and also generating US $ 17 billion trade deficit with Africa.
On the one hand, whereas China seeks resources to power its growing and expansive industrial base, it is also looking to establish a market for its products and services, while Africa is endeavoring to generate income to finance its poverty alleviation efforts, promote domestic consumption and support industrialisation to underpin economic development.
According to him,"Strengthening international industrial cooperation serves the needs of developing countries. Many developing countries in Africa and Latin America are in the early stages of economic take off or industrialisation and urgently need large amount of external capital, equipment and technologies."
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