At the 9th China-Africa Forum in Beijing, heads of state are flocking to the event while Beijing is only investing in profitable and strategic projects. The windfall has to be earned.
In the streets of Dakar, Senegal, Chinese investments have not gone unnoticed in recent months. Just a year ago, a China Mall with a bright red and yellow storefront opened its doors. A few blocks away, the BRT (Bus Rapid Transit) lines, inspired by Guangzhou (Canton) and operated by the state-owned China Road and Bridge Corporation (CRBC), were inaugurated in early 2024. The restoration of the Grand Théâtre and the National Arena, the extension of the highway to Kaolack (200 kilometers to the east) and the construction of the Diamniadio special economic zone (SEZ) were also carried out by the Chinese.
Read alsoBeijing secures its economic interests in Africa
In reality, most of these lavish projects were signed before the Covid crisis – even a decade ago for some. What about in 2024, when the 9e The Forum on China-Africa Cooperation opened on Wednesday, September 4 in Beijing, in the presence of Chinese President Xi Jinping?
Strengthening economic relations
Senegal is one of the few African countries whose economic cooperation with the Asian giant has continued to progress. In 2023, the volume of direct investments from China reached $1.3 million, while trade reached a record $4.34 billion in 2022 (+14.8% year-on-year).
But on the rest of the continent, investments are falling sharply. “Africa experienced very strong growth in the volume of investments in infrastructure between 2005 and 2019 (+61.4%), reports Xalil Niang, researcher at Cheikh Anta Diop University in Dakar and founder of the Institute of African and Asian Studies in the Sahel. While between 2020 and 2023, there will be a drop of 23.49%.” A decline accompanied by a sharp fall in sovereign loans. In 2022, for sub-Saharan countries, they fell to their lowest level: less than $1 billion,[…]
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- challenges.fr
