African Union Commission Commissioner for Trade and Industry Albert M. Muchanga said “great lesson can be learned from China that can lead into economic transformation in Africa.”
The commissioner was speaking on Friday while opening a two-day conference on China and Africa to enhance the development cooperation between the two sides.
Chinese development cooperation in many investment areas has brought unprecedented growth and enabled the African continent to be the second fast growing region after Asia.
However, Muchanga argued this growth remains insufficient to meet the expected growth rate of seven percent needed to achieve Agenda 2063, Africa’s blueprint program for socio-economic transformation for the coming five decades.
A number of challenges including poverty alleviation, job creation and diversifying export commodities remain in the continent challenging development.
“Today, one in three Africans – 422 million people – live below the global poverty line which represent 70 percent of the world’s poorest people,” he said.
Accordingly, encouraging Chinese investment and development cooperation is critical as China is the world’s second largest economy, he added, noting that the Asian giant has advanced in artificial intelligence, big data, 5G telecommunications networking, among others, this experience can be beneficial for Africa.
“Breakthroughs in these fields can promote the development of our continent and stimulate competition.
“The African private sector can adopt some of these technologies to diversify production and collaboration with Chinese private sector in manufacturing local products” he added.
In his remark, Special Adviser to the Ethiopian Prime Minister, Dr Arkebe Oqubay said “China is an important and strategic friend of Africa.”
He noted that China is among the economies that grow fast, pointing out that the country’s development experience is exemplary for Africa’s aspiration towards economic transformation.
Africa has been registering a 4.6 percent development over the last few years but Dr Arkebe said its economy is suffering from lack of diversification.
MG/as/APA